Annual Report 2016 - IDCOL [PDF]

Annual Report 2016

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ANNUAL REPORT 2016

Annual Report 2016

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What’s Inside...

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Annual Report 2016

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Letter of Transmittal

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Notice of The 20th Annual General Meeting

The Twentieth Annual General Meeting of the Shareholders of Infrastructure Development Company Limited will be held on Saturday, 10 June 2017 at 5:00 p.m. at The Westin Hotel, Silver Room (Level-2) Gulshan, Dhaka.

8-9

About IDCOL

Infrastructure Development Company Limited (IDCOL) was established on May 14, 1997 by the Government of Bangladesh (GoB). The Company was licensed by Bangladesh Bank as a Non-Bank Financial Institution (NBFI) on January 5, 1998.

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Company Information

UTC Building, Level 16, 8 Panthapath Kawran Bazar, Dhaka-1215, G.P.O Box -619, Bangladesh Tel: 9102171-8, +8809666743265 Fax: 880-2-9102084, E-mail: [email protected] Website: www.idcol.org

12-13 Vision

To help ensure economic development of the country and improve standard of living of the people through sustainable and environment-friendly investments.

14-15 Mission

To catalyze and optimize private sector participation in promotion, development and financing of infrastructure as well as renewable energy, and energy efficient projects in a sustainable manner through public-private-partnership initiatives.

16-17

Core Values

Committed to deliver services to the stakeholders; believes in maintaining transparency and integrity; and dedicated to perform as a development Financial institution.

18-19

From Stepping Stones to Milestones

The Company was incorporated in 1997 and received license from Bangladesh Bank as NBFI in 1998. It celebrated the installation of 3 million Solar Home Systems by the Honorable Prime Minister in November 2014.

Annual Report 2016

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20-27

Boards of Directors

IDCOL is managed by a eight-member independent Board of Directors comprising four senior government officials, two prominent business personalities, one famous professional practitioner from the private sector and a full-time Executive Director and Chief Executive Officer.

28-43

Idcol Management

IDCOL has a tiny but highly skilled workforce dedicated towards the accomplishment of company's goals and objectives.

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Directors’ Report

IDCOL has a reputation for the highest standards of excellence, quality and reliability in all of its activities, and for respect, honesty and fairness in its dealings with its development partners, partner organizations, colleagues and other constituents.

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Chairman’s Statement

This year has been a year of success and accomplishments for IDCOL on the corporate governance, operational and financial fronts. Though faced with numerous challenges, we have been able to make reasonable income and profit compared to our competitors in the industry.

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From the CEO’s Desk

Every year IDCOL takes on new challenges to learn and grow, however the year 2016 was exceptionally challenging. With the shifting trend in the renewable energy industry of Bangladesh, due to new market developments, IDCOL had to reconsider many aspects of its current financing approach.

66-73

Corporate Governance

IDCOL’s Board is committed to the Company to achieve superior financial performance and long term prosperity, while meeting stakeholders’ expectations of sound corporate governance practices.

74-79

Credit Risk Management

IDCOL believes that Credit Risk Management plays a fundamental aspect of good governance which in turn enables the organization to deliver effective decision making to accomplish the strategic objectives of the organization.

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Annual Report 2016

80-89

Environmental & Social Compliance

IDCOL has an Environmental and Social Management Framework (ESMF) to identify the likely environmental and social impacts, propose suitable mitigation measures and implementation of these measures for its renewable projects.

90-95

Human Resource Management

IDCOL employees are result oriented individuals, who uphold the values of the organization by being creative, open, respectful, ethical and passionate.

96-107

Programs & Projects

IDCOL is a diversified financial institution providing a wide range of financing products and fee-based services in private-sector infrastructure, renewable energy, and energy efficient projects as its focus areas.

108-111

Corporate Social Responsibility

IDCOL as a premier development financial institution is always focusing on the socio economic development of Bangladesh through financing of infrastructure and renewable energy projects. Apart from project financing, IDCOL through its Corporate Social Responsibility (CSR) activities is helping the deprived segment of the society.

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Financial Highlights

The Company has earned a profit of BDT 2,761 million before provision and tax. Out of which an amount of BDT 1,221 million and BDT 1,142 million have been provisioned for loans and income tax, respectively.

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Auditor’s Report and Audited Financial Statements The financial statements give a true and fair view of the financial position of Infrastructure Development Company Limited as on 31 December 2016, and of its financial performance and its cash flows for the year than ended in accordance with Bangladesh Accounting Standards (BASs), Companies Act, 1994 and other applicable laws and regulations.

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Events & Achievements

A glimpse of last year’s events and achievements of IDCOL

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Recognition and Awards

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LETTER OF TRANSMITTAL All Shareholders, Subject: Annual Report for the year ended on December 31, 2016 Dear Sir(s), We are pleased to enclose a copy of the Annual Report together with the Audited Financial Statements including the Balance Sheet, Profit and Loss Account, Statement of Changes in Equity and Statement of Cash Flows for the year ended on December 31, 2016 along with notes thereon for your reference and record. Yours sincerely,

(M. Maftun Ahmed) Company Secretary

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Annual Report 2016

NOTICE OF THE 20th ANNUAL GENERAL MEETING The Twentieth Annual General Meeting of the Shareholders of Infrastructure Development Company Limited will be held on Saturday, 10 June 2017 at 5:00 p.m. at The Westin Hotel, Silver Room (Level-2) Gulshan, Dhaka. Agenda for the meeting are: 1.

To consider and adopt the Board of Directors’ report of the Company and the Accounts of the Company with the Auditor’s Report thereon for the year ended on 31 December 2016.

2.

To declare the dividend of the Company for the FY 2016.

3.

To consider increase of Company’s paid up capital to Tk. 550 crore.

4. To elect Director(s) in place of those retire in accordance with the regulations 79 and 80 and are eligible for re-election in accordance with the regulation 81 of schedule I of the Companies Act, 1994. 5.

To appoint auditor(s) and fixing-up their remuneration for the FY 2017.

6.

Any other business.

The meeting will be followed by Iftar. You are requested to kindly attend the meeting. By order of the Board of Directors

(M. Maftun Ahmed) Company Secretary

Annual Report 2016

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About

IDCOL

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Annual Report 2016

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established May 14, 1997 by the Government of Bangladesh TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO (GoB). 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Annual Report 2016

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Company Information

Registered Office

Business Hours Auditors

External Legal Panel

Bankers

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Annual Report 2016

UTC Building, Level 16, 8 Panthapath, Kawran Bazar, Dhaka-1215, Bangladesh Tel: 9102171-8, +8809666743265 Fax: 880-2-9102084 E-mail: [email protected] Website: www.idcol.org 10:00 a.m. to 6:00 p.m. Sunday to Thursday M/s Hoda Vasi Chowdhury & Co Chartered Accountants Huq & Company Syed Ishtiaq & Associates Sadat Sarwat & Associates Law Valley Hasan & Associates Tanjib Ul Alam & Associates Abdur Razzaque & Associates Rahman’s Chambers Bhuiyan, Islam & Zaidi & Associates Ahmed & Farooq LP DFDL Bangladesh Lex Juris Vertex Chambers Law Sift MNA Shakhawat Hossain & Associates Azad & Company ACNABIN Chartered Accountants (for tax related advise only) Lawyers & Jurists Bangladesh Bank Janata Bank Limited Agrani Bank Limited Prime Bank Limited Rupali Bank Limited Commercial Bank of Ceylon PLC The City Bank Limited Eastern Bank Limited Islami Bank of Bangladesh Limited National Bank Limited NCC Bank Limited Trust Bank Limited Dhaka Bank Standard Chartered Bank

Constitution and Ownership Form IDCOL is a non-banking financial institution registered as public limited company under the Companies Act 1994. The share capital of IDCOL is fully subscribed by the Government of Bangladesh. Sl.

Name

No. of Shares

%

1

Economic Relations Division

49,999,000

99.9980%

2

Mr. Kazi Shofiqul Azam

550

0.00110%

3

Ms. Suraiya Begum ndc

50

0.00010%

4

Mr. Mahbub Ahmed

50

0.00010%

5

Dr. Ahmad Kaikaus

50

0.00010%

6

Ms. Nihad Kabir

50

0.00010%

7

Mr. Abdul Haque

50

0.00010%

8

Mr. Waliur Rahman Bhuiyan

10

0.00002%

9

Mr. Hedayetullah Al Mamoon ndc

50

0.00010%

10

Mr. Md. Mozammel Haque Khan

50

0.00010%

11

Mr. Md Nojibur Rahman

50

0.00010%

12

Mr. Mahmood Malik

40

0.00008%

50,000,000

100%

Total

Credit Rating of IDCOL Long-term

: AAA

Short-term

: ST-1

AAA

: Financial Institutions rated ‘AAA’ have extremely strong capacity to meet its financial commitments. These companies are judged to be the highest quality, with minimal credit risk.

ST-1

: Financial institution rated in this category are considered to have the highest capacity for timely repayment of obligations. Financial Institutions rated in this category are characterized with excellent position in term of liquidity, internal fund generation, and access to alternative sources of funds are outstanding.

Rated by

: Credit Rating Agency of Bangladesh (CRAB)

Annual Report 2016

11

Vision

12

Annual Report 2016

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FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW 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TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW 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TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO 13 TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR Report TOMORROW FOR TOMORROW TOGETHER FOR TOMO Annual 2016TOGETHER TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO

Mission

14

Annual Report 2016

TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM To catalyze andTOGETHER optimize private sector in promotion, TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW FOR TOMORROW TOGETHERparticipation FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM development and financing of infrastructure as well as renewable TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM energy, and energy efficient projects in a sustainable through TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROWmanner TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM public-private-partnership initiatives. TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM

Annual Report 2016

15

Core Values

16

Annual Report 2016

MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO Global standards and competence MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROWisTOGETHER FOR TOMORROW TOMORROW TOGETHER TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO IDCOL committed to TOGETHER deliverFORservices to theFORstakeholders MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO maintaining global standards and competence. MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO Transparency andFORintegrity MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO IDCOL believes in maintaining and integrity inTOGETHER all FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHERtransparency FOR TOMORROW TOGETHER FOR TOMORROW MORROW TOGETHER FOR TOMORROWperformed TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO activities by the company. MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO Social responsibility MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO IDCOL is dedicated to perform as a FOR development financial institution MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO that articulates social responsibility. MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO MORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO

Annual Report 2016

17

From Stepping Stones to Milestones 1997 14-May 14-May 1998 5-Jan 2001 11-Apr 2002 16-Jul 16-Jul

Incorporation of the Company Signing of Project Agreement for USD 225 million with the International Development Association (IDA) under Private Sector Infrastructure Development Project (PSIDP) Licensing from Bangladesh Bank as NBFI Financing of the 1st Independent Power Plant (IPP) Project 450 MW Meghnaghat Power Ltd. Signing of Project Agreement with the International Development Association (IDA) under Rural Electrification and Renewable Energy Development Project (REREDP) Signing of Financing Agreement for USD 7 million with the Global Environmental Facility (GEF) under the REREDP

2003 1-Jan

Commencement of the Solar Home System (SHS) Program

2004 14-Dec

Financing of the 1st ever Satellite Earth Station project in Bangladesh

2005 6-Sep

Inauguration of the installation of 50,000 SHSs by the Honorable Prime Minister

22-Sep 2006 5-Jan 20-Mar 2007 15-Feb

Start of working as a full-fledged financial institution with the financing of 11.6 MW captive power plant of Shah Cement Power Ltd. Financing of the 1st ever land ports operated through the private sector on Build, Operate and Transfer (BOT) arrangement Signing of Financing Agreement with the GIZ-German Development Cooperation under Renewable Energy Project Extending BDT 30 million to Ranks Telecom Ltd., the largest private sector PSTN operator of the country

30-Nov

Signing of Financing Agreement for USD 165 million with the Asian Development Bank (ADB) under Public Private Infrastructure Development Facility (PPIDF)

19-Dec

Signing if the 1st Emission Reduction Purchase Agreement in Bangladesh

26-Dec

Signing of Financing Agreement for EUR 25 million with KFW-German Financial Cooperation under Renewable Energy Project

2008 2-Dec

18

Launching of Shonchalok Facility for the Information and Communication Technology (ICT) sector

Annual Report 2016

2009 28-Oct

Extending BDT 260 million to Fiber@Home Ltd. for setting up the first nationwide telecommunication transmission network of Bangladesh

26-Nov

Signing of Financing Agreement for USD 18 million with the Islamic Development Bank under Improving Rural Households Livelihood through Solar Energy Project

20-Dec

Financing of the 1st Solar Based Irrigation Project

2010 23-Mar

Investing BDT 1 billion in senior, secured, non-convertible bond of Orascom Telecom Bangladesh Ltd.

1-Apr

Opening of the 1st Regional Office under the SHS Program

8-Apr

Financing of the Central Effluent Treatment Plant at CEPZ

12-Apr

Financing of the 1st Solar Based Mini-Grid Project

2012 18-Feb

26-Jun 2013 12-May

2014 5-Nov 2015 Jan-Mar

Inauguration ceremony for the installation of 1 million new Solar Home Systems and 20,000 Biogas plants under IDCOL Renewable Energy Programs by the Honorable Prime Minister Registration with UNFCCC to avail CDM benefits under the SHS Programs Celebration of the installation of 2 million Solar Home Systems and launching of the installation of 1 million Improved Cooked Stoves (ICS) Project by the Honorable Prime Minister Celebration marking the installation of 3 million Solar Home Systems by the Honorable Prime Minister Three Solar PV based mini-grid projects under IDCOL financing went into commercial operation

2-Apr

IDCOL received the first ever CDM fund in Bangladesh under the United Nations Framework Convention on Climate Change (UNFCC)

15-Sep

IDCOL received NBR award as country’s third (3rd) highest tax paying company

2016 26-Oct

IDCOL received “ICMAB Best Corporate Award 2015” in the category of NBFI

24-Nov

IDCOL received NBR award as country’s top tax payer in the category of NBFI

29-Nov

IDCOL received “ICAB National Award for Best Presented Annual Reports 2015” in the category of “Public Sector Entities”

30-Nov

Financed the first PPP Project in Healthcare Sector of Bangladesh-Sandor Dialysis Services Bangladesh Private Ltd.

Annual Report 2016

19

Board of Directors

20

Annual Report 2016

OGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM OGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM OGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM OGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM OGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM OGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM OGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW 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TOM OGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM OGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM OGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM OGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM OGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM OGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM OGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM OGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM OGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM IDCOL isTOMORROW managed a eight-member independent OGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOGETHERby FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM OGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM Board of Directors comprising four senior government OGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOM OGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR 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Board of Directors

Mr. Kazi Shofiqul Azam

Ms. Suraiya Begum ndc

Chairman, IDCOL

Director, IDCOL

Mr. Hedayetullah Al Mamoon ndc Director, IDCOL

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Annual Report 2016

Dr. Ahmad Kaikaus Director, IDCOL

TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO

Mr. Waliur Rahman Bhuiyan, OBE

Ms. Nihad Kabir

Director, IDCOL

Director, IDCOL

Mr. Abdul Haque Director, IDCOL

Mr. Mahmood Malik

Executive Director & CEO

Annual Report 2016

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DIRECTORS’ PROFILE Mr. Kazi Shofiqul Azam Chairman, IDCOL

Kazi Shofiqul Azam became Secretary in-charge of the Economic Relations Division (ERD), Ministry of Finance on 28 December 2016. Prior to this he was the Additional Secretary, ERD and headed the World Bank and Administration & Middle East Wing one after another. Having joined the Bangladesh Civil Service as a member of Audit and Accounts cadre in 1983, he held several important positions in different Ministries and Divisions of the government. He had served as Joint Secretary (Budget) in Finance Division, Director (Finance) in BSFIC, Deputy Secretary (Development Budget) in Finance Division, Additional Controller General of Accounts, Director (Finance) of National Nutrition Project, Director, Works Audit Directorate, Chief Accounts Officer in Ministry of Home Affairs, Ministry of Health and Family Welfare etc. As Secretary (in-charge) ERD, he represents the government in different local, regional and global platforms. He is an Alternate Governor of World Bank Group, Asian Development Bank and Asian Infrastructure Investment Bank (AIIB). He acts as the National Designated Authority (NDA) to the Green Climate Fund. He is a member of Board of Directors of International Centre for Diarrhoeal Disease Research, Bangladesh (iccd,b) and the Chairman of Infrastructure Investment Facilitation Company (IIFC). Presently he is also holding the directorship of the Boards of Basic Bank Ltd., Saudi-Bangladesh Industrial and Agricultural Investment Company Ltd. (SABINCO) and Bangladesh Foreign Trade Institute. He has recently been elected as IDB Executive Director in its Board. Mr. Azam also steers the development effectiveness agenda at the national, regional and international levels. He obtained his Bachelor and Masters degrees from the Department of Finance, University of Dhaka. He also holds an INTOSAI Development Initiative (IDI) Diploma on Course Design and Instructional Technique organized by Asian Organization of Supreme Audit Institute in Bangkok and has been recognized as an IDI Training Specialist. He is a prolific lecturer on rules & regulation governing budgeting & expenditure control, fund release procedure, delegation of financial power etc. And is also widely known for his literary works. His works are regularly published in national dailies and in ‘Omar Ekushe Book Fair’ for last couple of years. So far he has authored seven books.

Mr. Hedayetullah Al Mamoon ndc Director, IDCOL

Mr. Hedayetullah Al Mamoon ndc is the current Senior Secretary of Finance Division, Ministry of Finance. Mr. Hedayetullah Al Mamoon ndc was born on October 05, 1958 and earned his Bachelor’s degree in Arts and his Master’s in Public Affairs from University of Dhaka. Having secured the first place in BCS (Special) 1982, Mr. Mamoon started his career in Bangladesh Civil Service from June 19, 1983 and since then he held several important positions in different Ministries and Divisions of the government. Mr. Hedayetullah Al Mamoon ndc was appointed as the Secretary (in charge) in 2009 and within a few months, he became the Secretary of Ministry of Civil Aviation & Tourism followed by Secretary of Ministry of Cultural Affairs and Secretary of Ministry of Information respectively. In 2014, Mr. Mamoon was delegated the rank of Senior Secretary, Ministry of Commerce and served this position till February 2017 as he acknowledged his current new position as Senior Secretary of Finance Division, Ministry of Finance. In addition to the above , Mr. Mamoon’s former positions include Secretary, Bangladesh Public Service Commission; Additional secretary, Ministry of Establishment; Director General, Department of Social services; Managing Director of Dhaka WASA; Director, Bangladesh Parjatan Corporation; Deputy Secretary in Cabinet Division; Deputy Commissioner and District Magistrate, Sirajganj ; ADC Manikganj and UNO and Magistrate in different areas of the country.

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Annual Report 2016

Ms. Suraiya Begum ndc Director, IDCOL

Ms Suraiya Begum ndc joined as Senior Secretary at The Prime Minister’s Office on 9 January, 2017. Earlier she was Secretary at Prime Minister’s Office from February, 2015 to January, 2017. She joined the Bangladesh Civil Service in 1982 and elevated through the ranks in the country’s civil bureaucracy as Secretary to the Government. Over the years, she contributed significantly to several key sectors relating to development administration, public policy formulation and programs implementation towards achieving social and economic development, promoting gender, governance and inclusive growth. Ms Begum served as Secretary at Statistics and Informatics Division and Implementation Monitoring and Evaluation Division (both under the Ministry of Planning), Ministry of Social Welfare and Ministry of Cultural Affairs. She worked in Ministry of Primary and Mass Education, Department of Cooperatives, Bangladesh Parjotan (Tourism) Corporation, Finance Division, Local Government Division, Ministry of Expatriates Welfare, Ministry of Labor and Employment, Ministry of Commerce, Ministry of Health and Family Welfare and Ministry of Foreign Affairs as different capacities. She also had a diplomatic experience as First Secretary at Bangladesh Deputy High Commission in Kolkata, India. Ms Suraiya did her honors’ and master’s in Economics from Dhaka University and did MA in Health Management, Planning and Policy from Leeds University, United Kingdom. Ms Begum completed the renowned and prestigious Managing at the Top (MATT) course at the UK Civil Service College and the University of Birmingham, UK. She completed National Defense Course (NDC) as the first women participant in National Defense College, Dhaka. Ms Suraiya Begum is the Chairperson of Bangladesh Civil Service Women Network and National Commissioner (Girl-in-Scouting) of Bangladesh Scouts. She is also the Vice President of DUEDAA (Dhaka University Economics Department Alumni Association).

Dr. Ahmad Kaikaus Director, IDCOL

Dr. Ahmad Kaikaus joined the Power Division as Secretary-in-Charge on 15 December, 2016 and on 23 February, 2017 he became in charge of the office of Secretary. Prior to joining the Power Division, Dr. Ahmad worked for 3 years as the Deputy Chief of Party of the Policy Research and Strategy Support Program (PRSSP) at the International Food Policy Research Institute (IFPRI), which was funded by USAID. He has an unusual combination of civil service experience and high academic accomplishments with solid empirical research involvement, which made him well conversant of the development policy perspectives. Dr. Kaikaus received his Master of Arts degree in Development Economics from the Center for Development Economics, Williams College, Massachusetts, USA, and PhD in Public Policy and Political Economy from the University of Texas at Dallas, Texas, USA. Dr. Ahmad has published research papers and survey reports for IFPRI and his one of the most renowned journal articles was in the World Development Journal on the structural transformation of Bangladesh economy. Dr. Ahmad Kaikaus joined the Administration Cadre of Bangladesh Civil Service on 21 January 1986. He has worked different levels of field administration such as Assistant Commissioner, Upazila Magistrate, and Upazila Nirbahi Officer. He also worked on deputation in several organizations that include Directorate of Accommodation, Department of Narcotics Control and Bangladesh Services Limited. At the Ministerial level, Dr. Ahmad worked for the Ministry of Public Administration, Ministry of Post and Telecommunications, Economic Relations Division, Additional Secretary, Power Division and Chairman Bangladesh Energy and Power Research Council (EPRC). Kaikaus also worked as part-time faculty at Collin County Community College in Texas, USA and at the American International University, Bangladesh. He regularly attends as guest speaker at the Public Administration Training Centre, Bangladesh Civil Service Academy, and the Dhaka University.

Annual Report 2016

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DIRECTORS’ PROFILE Ms. Nihad Kabir Director, IDCOL

Ms. Nihad Kabir is an advocate of the Supreme Court of Bangladesh. After completing her BA and MA in Law at Cambridge University in England, she was called to the Bar of England and Wales in 1989. She returned to Bangladesh shortly after, and joined the chambers of Syed Ishtiaq Ahmed and Associates, where she is now a senior partner. Ms. Kabir’s area of expertise has been corporate commercial law, but she has used her knowledge of law in a variety of other fields. She has been a consultant at the Asian Development Bank, she is currently a member on the panel of experts for the Padma Bridge Project, a member of the World Bank South Asia Chief Economist’s Advisory Council, the Current Secretary General of Ain O Salish Kendra (Law and Mediation Centre), Independent Director at Brac Bank, Director at bKash, Director at Palli Karma-Sahayak Fundation (PKSF) and Independent Director at Square Pharmaceuticals Limited-- to name just a few. Previously she was also a member of the National Education Policy Committee of Bangladesh.

Mr. Abdul Haque Director, IDCOL

Mr. Abdul Haque is the Managing Director and proprietor of Haq’s Bay Automobiles Limited and the Director of Asia Pacific General Insurance Co. Limited. He is also the Honorary Consul, Consulate of the Republic of Djibouti in Bangladesh and was recognized as a Commercially Important Person (CIP) for four times by the Government of Bangladesh, for his outstanding performance in trade and business in the country. Mr. Abdul Haque is deeply involved in different trade bodies at home and aboard. This background drove him towards building and promoting Japan-Bangladesh relationship. With a view to expedite trade and investment between Japan & Bangladesh, SHOO-KOO-KAI (The Japanese Commerce & Industry Association in Dhaka) appointed him as the Special Adviser, External Affairs. Business communities of Bangladesh elected him as the Director of Executive Committee of the Federation of Bangladesh Chambers of Commerce and Industry for six times with popular vote. He is the former President of Japan Bangladesh Chamber of Commerce & Industry (JBCCI), former Co-chairman of Japan-Bangladesh Committee of Commercial and Economic Co-operation (JBCCEC) and Founder & Former President of BARVIDA. He was also member of Executive Committee of SAARC Chamber of commerce and Industry (SCCI) and also served as the member of the Board of Directors of Bangladesh Road Transport Authority, Janata Bank and Teletalk Bangladesh Ltd. Mr. Haque is also involved in many philanthropic works and voluntary services among which he is the Member of Foundation of Independent University, Bangladesh (IUB), Chairman of Foundation of Shaher Banu Ideal School & College, Barura, Comilla; Chairman of Munshi Jinnat Ali Welfare Trust and Chairman of Projukti Peeth (Socio-Economic Dev. Centre), Barura, Comilla.

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Annual Report 2016

Mr. Waliur Rahman Bhuiyan, OBE Director, IDCOL

Mr. Waliur Rahman Bhuiyan is an active member of the business community. Presently he is the Executive Board Member of International Chamber of Commerce (ICC). Besides this he is the Director of Linde Bangladesh Limited, ACI Limited, and Eastland Insurance Company Limited, and also the current adviser of Robi Axiata Limited. In the year 2007 he was decorated with Order of British Empire (OBE) by Her Majesty The Queen of Great Britain. And in July 2008, Mr. Bhuiyan served as Honorary Consul General of Finland in Bangladesh. Mr. Bhuiyan’s social engagement for the development of poor people in remote and unaddressed communities of Bangladesh is reflected through his participation as the Chief Adviser of Friendship, a Non-Government Organization, working in the remote areas of northern Bangladesh for creating equal opportunity for the underprivileged of the country. Mr. Bhuiyan’s former positions include Managing Director, BOC Bangladesh Ltd.; Adviser, Linde Bangladesh Ltd.; President, Foreign Investors’ Chamber of Commerce & Industry (FICCI); Member, Bangladesh Better Business Forum; Director, Biman Bangladesh Airlines and Director, Chittagong Stock Exchange. Born in 1952, Mr. Bhuiyan obtained a Masters in Economics and an MBA from University of Dhaka and has been the Academic Council Member of BRAC University.

Mr. Mahmood Malik

Executive Director & CEO Mr. Mahmood Malik is the Executive Director and CEO of Infrastructure Development Company Limited. Mr. Malik, a career banker, started his banking career with American Express Bank, Bangladesh in 1992 as relationship manager for Institutional Banking and joined Standard Chartered Bank in 1995. In 2003 he moved to Standard Chartered Bank, Dubai as the Regional Head of Transaction Sales for Financial Institutions for Middle East and South Asia. Before joining IDCOL he served as the Managing Director of Bangladesh Industrial Finance Company Limited (BIFC) and Industrial and Infrastructure Development Finance Company (IIDFC). Mr. Malik has extensive multinational, private sector domestic and international banking experience. He has an MBA in International Business and Marketing from University of Houston, Texas, USA.

Annual Report 2016

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IDCOL Management

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Annual Report 2016

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R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO IDCOL has a tiny butFORhighly workforce dedicated R TOMORROW TOGETHER FOR TOMORROW TOGETHER TOMORROWskilled TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO towards the accomplishment of company's goals R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR and TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO objectives. R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO 29 Annual Report 2016TOGETHER FOR TOMORROW R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO R TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO

HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW

The Team

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Annual Report 2016

TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO

Annual Report 2016

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TOP MANAGEMENT Mr. S. M. Monirul Islam Deputy CEO & CFO

Mr. S. M. Monirul Islam joined IDCOL in 1998 and worked as a key resource person of the Company since its inception. Mr. Islam holds substantial wealth of experience in financial management and he is an expert in negotiating and managing funds from the government and various development partners. He has been managing, apart from the company’s own resources, about USD1 billion of development funds, in the forms of credit and grant, raised from development partners like The World Bank, Asian Development Bank (ADB), Islamic Development Bank (IDB), UK Department for International Development (DFID), German Development Bank (KFW), German Development Cooperation (GIZ), SNV - Netherlands Development Organisation, Global Partnership on Output Based Aid (GPOBA), Swedish International Development Cooperation Agency (SIDA), U.S. Agency for International Development (USAID), Bangladesh Climate Change Resilience Fund (BCCRF), etc. Mr. Islam has been trained, home and abroad, on financial management and reporting, project financing, financial modeling, procurement, project evaluation and monitoring, prevention of money laundering and terrorist financing, micro-finance and ICT. Mr. Islam has led several delegations to different overseas forums and events and represented the organization as well as the country. He presented key notes and addressed a number of national and international seminars and workshops. Mr. Islam is a key person in designing and implementing promotion and capacity building initiatives under the development programs of the organization. Apart from financial management, Mr. Islam also oversees the operations activities of the organization which include procurement, administration, people management and ICT.

Mr. Nazmul Haque

Director (Investment) & Head of Advisory Mr. Nazmul Haque joined IDCOL in 2003 and was involved in structuring and financing of many large infrastructure projects in sectors like power, telecom, toll roads, ports, ICT, etc. Many of these projects were first of its kind in Bangladesh and vital for the national development. Mr. Haque also played a significant role in IDCOL’s renewable energy program. Mr. Haque is a leading expert in Project Appraisal Techniques and Financial Modeling and a key resource person in IDCOL’s external training and capacity building initiatives. He has conducted training programs and presented papers in various international symposiums and conferences in Asia, Europe, North America and Africa. Currently, under the newly established Advisory Unit, Mr. Haque is working on replicating IDCOL’s success stories in infrastructure and renewable energy development in a number of emerging African countries.

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Annual Report 2016

Mr. Md. Enamul Karim Pavel Head of Renewable Energy

Mr. Md. Enamul Karim Pavel joined IDCOL in 2004 and played a key role in development and implementation of IDCOL’s renewable energy programs/ projects i.e. solar home system program, solar irrigation program, domestic biogas program, improved cook-stoves program, solar mini-grid, biogas and biomass based electricity projects, etc. IDCOL’s solar home system program is the largest off-grid renewable energy program in the world, which is providing electricity to 9% population of the country living in off-grid areas of rural Bangladesh. He is also leading the renewable energy team to promote other renewable energy technologies in Bangladesh. Mr. Pavel regularly negotiates with the development partners to arrange necessary financing for IDCOL’s activities. He also maintains liaison with relevant ministries/departments of the Government of Bangladesh. He is an expert in financing modeling and a faculty in financing modeling course regularly offered by IDCOL. As an expert in renewable energy financing he trained officials from various African countries. Earlier, he also worked as the Head of Loan Department in addition to renewable energy activities. Before joining IDCOL, he served in various administrative positions in the Government of Bangladesh and as a Marine Engineer in Bangladesh Shipping Corporation.

Mr. M. Maftun Ahmed

Company Secretary, IDCOL Mr. M. Maftun Ahmed joined IDCOL in 2011 and worked as a key resource person of the company. He has vast experiences in company affairs and human resource management as he worked in different institutions over the years. He is involved in organizing the Board and other statutory meetings of the company and has performed all the company affairs under the Companies Act 1994. He is also responsible to supervise the implementation of compliance of different directives and regulations required by the Board of Directors. In addition, he works as a liaison with various regulatory bodies i.e. Bangladesh Bank, Auditors and Registrar of Joint Stock Companies, etc. He also oversees and manages the overall internal and external compliance issues and human resource management of the company. M. Maftun Ahmed has completed M.Com (Accounting) from University of Rajshahi in 1997. He has completed MBA (Fin. & Banking) from a private University in 2009. In addition, he obtained MAAT from The Association of Accounting Technicians of Bangladesh in 2009. Before joining IDCOL, Mr. Ahmed served as Company Secretary at Infrastructure Investment Facilitation Company (IIFC) from 2001 to 2011.

Annual Report 2016

33

HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW

Renewable Energy Department

34

Annual Report 2016

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Sitting from left: Mr. Md. Serajul Hossain, Unit Head, SHS Program Mr. Md. Wahidur Rahman, Unit Head (Technical), Renewable Energy Mr. Md. Enamul Karim Pavel, Head of Renewable Energy Ms. Farzana Rahman, Unit Head (Investment), Renewable Energy Mr. Nazmul Haque Faisal, Unit Head, Corporate Affairs, Training, Promotion and Capacity Building Dr. Ahmedul Hye Chowdhury, Environmental Specialist, Renewable Energy

Standing in first row from left: Ms. Sadia Raisa Khan, Officer (Investment), Renewable Energy Ms. Kamrunnahar Nitol, Relationship Officer, Biogas and Bio-fertilizer Program Ms. Mithila Sanhita Majumder, Relationship Officer, SHS Program Ms. Fariha Jannat, Assistant Relationship Manager, SHS Program Ms. Sanjidaa Hoque, Relationship Officer, ICS Program Ms. Syeeda Yeasmeen Meer, Assistant Manager (Investment), Renewable Energy Ms. Mafruda Rahman, Assistant Manager, Corporate Affairs

Standing in second row from left: Mr. Shibli Mohammad Faiz, Assistant Relationship Manager, Biogas And Biofertilizer Program Mr. Mukaddim Sarwar, Assistant Manager, CEIP, SHS Program Mr. Rashed Rahman Khan, Assistant Relationship Manager, SHS Program Mr. Junaed Tazdik, Assistant Manager (Monitoring), SHS Program Mr. Md. Mahfuzur Rahman, Manager (Technical), Renewable Energy Mr. Mokaddim Jashim Bhuiyan, Senior Officer (Monitoring), SHS Program Mr. Debashis Chakraborty, Officer (Investment), Renewable Energy Mr. Imran Sayeed, Officer (Monitoring), SHS Program

Standing in third row from left: Mr. Kazi Mustafizur Rahman, Officer (Investment), Renewable Energy Mr. Kazi Ahsan Uddin, Assistant Manager (Monitoring), Renewable Energy Mr. Shuvajit Mandal, Assistant Manager (Investment), Renewable Energy Mr. Molla Anisur Rahman, Program Manager, CEIP, SHS Program Mr. Rasel Ahmed, Assistant Manager, Promotion & Capacity Building Mr. Abdullah Hell Baki, Assistant Manager (Monitoring), ICS Program Mr. Md. Abdullah Al Matin, Assistant Manager (Technical), Renewable Energy Mr. Asif Shahriar, Relationship Officer, SHS Program Mr. Asif Hasan, Assistant Relationship Manager, Biogas and Bio-fertilizer Program

Not in the picture: Mr. A F M Shahed, Manager (Monitoring), ICS Program Mr. Fuad Sakib, Officer (Technical), Renewable Energy

Annual Report 2016

35

HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW

Infrastructure Department

36

Annual Report 2016

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Sitting from left: Ms. Tajruba Dilshad Unit Head, PPP and Investment Advisory Mr. Mohammed Zahidul Haque Unit Head, Small & Medium Infrastructure Mr. Nazmul Haque Director (Investment) and Head of Advisory Mr. Tanvir A Siddiqui Unit Head, Large Infrastructure Ms. Farzana Prianka Assistant Manager, PPP & Investment Advisory

Standing from left: Mr. Md. Mehedi Hasan, CFA, FRM Manager (Investment), Small and Medium Infrastructure Mr. Mashref Ul Hoque Assistant Manager, PPP & Investment Advisory Mr. Azizul Quadir Assistant Manager (Investment), Large Infrastructure Mr. Mohammad Rashedul Islam Assistant Manager (Investment), Large Infrastructure Mr. Md. Raisul Islam Investment Officer (Technical), PPP and Investment Advisory Mr. Md. Ashadur Rahman Bhuiyan Assistant Manager (Investment), Small and Medium Infrastructure Mr. Farhan Tariq Officer (Investment), Large Infrastructure

Not in the picture: Mr. Raihan Uddin Ahmed Environmental Specialist, Infrastructure Mr. Md. Ashraf-Ul-Islam Assistant Manager (Investment), Small and Medium Infrastructure

Annual Report 2016

37

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Finance & Accounts Department

38

Annual Report 2016

TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO

Standing in first row from left: Mr. M. Mizanur Rahman Unit Head, Accounts and Financial Planning Ms. Charishma Masud Biswas Officer, Finance & Accounts Mr. S. M. Monirul Islam Deputy CEO & CFO Mr. Md. Ziaul Alam, ACA Unit Head, Financial Reporting & Control

Standing in second row from left: Mr. Md. Imrul Hasan Assistant Manager, Finance and Accounts Mr. Shek Mijanur Rahman Ryhan Manager, Finance and Accounts Mr. Tawhid Faraj Assistant Manager, Finance & Accounts Mr. Sakib Ahmed Assistant Manager, Finance & Accounts

Not in the picture: Ms. Nahida Akter Urme Assistant Manager, Finance and Accounts

Annual Report 2016

39

HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW

Risk and Special Asset Management, Credit Administration, Internal Audit and Legal Department

40

Annual Report 2016

TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO

Standing in first row from left: Ms. Nusrat Khan Officer, Compliance Ms. Merina Kashem Unit Head, Credit Risk Management Mr. S. M. Monirul Islam Deputy CEO and CFO Mr. Farhan Reza Unit Head, Credit Administration Ms. Akhtarunnessa Khanum Assistant Manager, Legal Affairs Ms. Rezwana Ali Tanima Officer, Credit Administration

Standing in second row from left: Mr. Ashraf Hossain Bhuiyan Assistant Manager, Credit Administration Mr. Khandkar Imran Bin Khaled Senior Officer, Credit Risk Management Mr. Rezoan Al Mahmud Suzan Internal Audit Officer Mr. Khondker Ajwad Hossain Officer, Credit Risk Management Mr. Zabir Ibne Raquib Assistant Manager, Credit Administration

Not in the picture: Md Shahriar Rana Unit Head, Internal Audit Mr. Md. Shaikat Azad Manager, Compliance

Annual Report 2016

41

HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW HER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW

Operations Department

42

Annual Report 2016

TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO

Standing in first row from left: Ms. Najifa Anjum Executive Assistant Mr. Ashrafuzzaman Khan Assistant Manager, Admin Mr. M. Maftun Ahmed Company Secretary Mr. Mohammad Rashedul Islam Manager, IT & MIS Mr. Md. Maidul Islam Assistant Manager, Procurement

Standing in second row from left: Mr. Md. Kawsar Hossain Robin Junior Officer, IT Mr. Md. Rezaur Rahman Junior Officer, Admin Mr. Md. Monirul Haque Junior Officer, Admin Mr. Md. Murshed Ahmad Junior Officer, IT

Not in the picture: Ms. Tahmina Shafiq Assistant Manager, HR

Annual Report 2016

43

Directors’ Report

44

Annual Report 2016

ETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO ETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO ETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO ETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO ETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO ETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO ETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO ETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO ETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO ETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO ETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO ETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO ETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO IDCOL hasTOGETHER a reputation for FOR theTOMORROW highest standards of ETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW FOR TOMORROW TOGETHER TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO ETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FORin TOMORROW FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO excellence, quality and reliability all of TOGETHER its activities, and ETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO ETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER TOMORROW TOGETHER FOR TOMORROW FOR TOMORROW FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO forFORrespect, honesty and TOGETHER fairness in its TOGETHER dealings with its ETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO ETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO development partners, partner organizations, colleagues ETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO ETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO and other constituents. 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Annual Report 2016

45

Directors’ Report Dear Shareholders, The Board of Directors of Infrastructure Development Company Limited (IDCOL) takes the pleasure to present the annual Audited Financial Statements of the company ended on 31 December 2016. The Directors have given relevant disclosures and explanations regarding issues which are important to ensure compliance, good governance practices and transparency. We hope that this report will provide all required information about the company’s annual performance during the period January -December 2016.

1. The Global Economy The year 2016 witnessed several events that ended up impacting economies all over the world, for good and bad. The U.K. vote in favor of leaving the European Union (Brexit) in June, the slumping oil price due to production cut by Organization of Petroleum Exporting Countries (OPEC), the weakerthan-expected growth in the United States and the embracement of negative interest rate policy by the Bank of Japan significantly affected the global market and the banks. These developments had created a downward pressure on the global interest rates, as monetary policy is now expected to remain accommodative for longer. The International Monetary Fund (IMF) projected the Global growth to slow to 3.1 percent in 2016 before recovering to 3.4 percent in 20171. However growth in emerging market and developing economies is expected to strengthen slightly in  2016 to 4.2 percent after five consecutive years of decline, accounting for over three-quarters of projected world growth this year. Despite many uncertainties the momentum in the global economy firmed up in the final quarter of last year (2016). Global GDP grew 2.7 percent year-on-year in Q4, above Q3’s 2.5 percent2 increase and marked the fastest growth in a year. A weak yen and an improving global backdrop supported a notable pick-up in  Japan’s economy, while private consumption in the United States  benefited from a healthy labor market. 1

“IMF World Economic Outlook (WEO), October 2016” (http://www.imf.org/external/pubs/ft/weo/2016/02/pdf/ text.pdf)

2

Senior Economist, Bouzanis, A. (2017, March 01). Economic Snapshot for the Major Economies. (http://www. focus-economics.com/regions/major-economies)

46

Annual Report 2016

Meanwhile,  China’s economy  accelerated on the back of strong manufacturing activity, and rising commodities prices supported gains in a number of emerging economies. Overall, the global economy grew 2.6% in 2016, down from 2015’s 3.0%. More generally, although financial conditions in emerging markets have continued to improve in recent months, underlying vulnerabilities remain among some large emerging market economies. High corporate debt, declining profitability, weak bank balance sheets—together with the need to rebuild policy buffers, particularly in commodity exporters—leave these economies still exposed to sudden shifts in investor confidence. It has been noticed that the asset prices and risk sentiment have generally recovered after the declines in the aftermath of the U.K. referendum. The equity prices even reached record highs in the United States in August and picked up in other advanced economies as well. But the notable exception are bank stocks, reflecting expectations of weakened future bank profitability, as interest rates are now expected to stay very low even longer than expected.

2. The Local Economy The Bangladesh economy grew at an average rate of 6.20 percent over the last decade (FY2005-06 to FY2014-15). The GDP growth is estimated at 7.11 percent in FY2015-16, which is 8.55 percent higher compared to 6.55 percent in FY2014-153. This is the first time that, growth has exceeded 7 percent mark after persistent growth of around 6 percent, thus reaching an all-time high GDP growth rate in 2016. Figure 1: Bangladesh GDP Annual Growth Rate 4 7.5 7.11 6.55

6.46 6.52

6.43 6.19

6.5

6.01 6.06

6

5.57

5.5

5.05 2006

2008

7

5 2010

2012

2014

2016

SOURCE: WWW.TRADINGECONOMICS.COM I BANGLADESH BANK

3

Finance Division, Ministry of Finance, GoB. (2016, November). Bangladesh Economic Review 2016. (http:// www.mof.gov.bd/en/budget1/16_17/ber/en/Ch-01%20 (English-2016)_Final.pdf)

4

Trading Economics (http://www.tradingeconomics.com/ bangladesh/gdp-growth-annual)

Exports recorded a growth rate of 9.77 percent while import grew 5.45 percent in FY2015-16. Despite slightly contraction of remittances inflow, the decrease in the deficit of trade, service and primary income account, the current account balance recorded a surplus of USD 3,706 million. Aided by the increase in foreign direct investment and medium and long term loans in capital and financial accounts, the foreign exchange reserve crossed the USD 30 billion mark. Exchange rate broadly remained stable during FY201516. Moreover, lending interest rate fell, which is expected to encourage investment further in the country.

3. Economic Indicators 3.1 Inflation The CPI inflation rate in FY2015-16 was 5.925 percent at the national level, which was 6.41 percent in FY2014-15. During this period, the-food inflation stood at 4.90 percent with a decrease of 1.78 percentage point compared to previous fiscal year. To contain inflation, the Government has taken a wide range of measures which include ensuring smooth supply of food, growth-supportive, inclusive and investment friendly cautious monetary policy. Figure 2: Rate of Inflation at National level.6

6 15

-1

5

Food

20

14

-1

4 20

13

-1

3 20

12

-1

2 20

11

-1

1 20

10

-1

0 -1

General

20

09 20

08

-0

9

16 14 12 10 8 6 4 2 0

20

The macroeconomic stability was ensured with the continuance of fiscal prudence, lower inflation, surplus current account balance and robust foreign exchange reverses. The Ministry of Finances, recognized a gradual decline in inflation, stating the year-on-year inflation in FY2015-16 to have slid down to 5.92 percent from 6.41 percent in FY201415. On the other hand, the final estimates of BBS identified the per capita national income to have reached at US$1,465 in FY2015-16, up by US$149, from US$1,316 of previous year. Likewise, per capita GDP reached at US$1,385 in FY 2015-16, from US$ 1,236 a year earlier. Thus with the fall in inflation and rise in per capita national income the domestic savings reached 24.98 percent of GDP, significantly up by 2.82 percentage points from previous year. This boosted the national investment (mainly in private sector) in FY2015-16 causing it to

reach 29.65 percent of GDP, up by 0.76 percentage point in FY2014-15.

Percent (%)

Even though the country’s overall GDP increased the agriculture growth decelerated to 2.79 percent in FY2015-16 from 3.33 percent in the year before, caused by the decline in crop and horticulture growth from 1.83 percent in FY2014-15 to 0.88 percent in FY2015-16. The growth in industry sector expanded to 11.09 percent in FY2015-16, up by 1.42 percentage points compared with the previous fiscal year. The growth in manufacturing sector, accounts for 66.62 percent of industry sector output and 21.01 percent of GDP, accelerated by 1.38 percentage points to 11.69 in FY2015-16 compared with previous fiscal year. The growth in large and medium-scale manufacturing sector accelerated to 12.26 percent from 10.70 percent in FY2014-15. Similarly, the growth rate of smallscale manufacturing sector accelerated to 9.06 percent from 8.54 percent in FY2014-15. Mining and quarrying and electricity, gas and water supply sectors of the broad industry sector performed robust. However, construction sector growth decelerated marginally to 8.54 percent in FY2015-16 compared to the growth rate of previous fiscal year. The contribution of broad industry sector to GDP in FY2015-16 reached at 31.54 percent at constant prices. Overall service sector growth has been estimated at 6.25 percent, up by 0.45 percentage point from FY2014-15. Among the broad service sector, except financial intermediation sector, all the sectors performed well compared with previous fiscal year. The share of service sector in GDP stood at 53.12 percent in FY2015-16.

Non Food

5

Finance Division, Ministry of Finance, GoB. (2016, November). Bangladesh Economic Review 2016. (http:// www.mof.gov.bd/en/budget1/16_17/ber/en/Ch-01%20 (English-2016)_Final.pdf)

6

Finance Division, Ministry of Finance, GoB. (2016, November).Chapter 3, Prices, Wages and Employment. Bangladesh Economic Review 2016. (http://mof.gov.bd/ en/budget1/16_17/ber/en/Ch-03%20(English-2016)_ Final.pdf)

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47

In FY2015-16 the rate of inflation at the national level in July 2015 was 6.36 percent on a point-to -point basis. The present Government has taken a number of initiatives to lower the price level and to keep the prices of essential commodities such as rice, edible oil, pulse etc. stable. In this regard, the prime objective of the monetary policy for FY2015-16 aimed at attaining inclusive growth as well as containing average inflation at the level 6.2 percent at the end of the year. As a result, the rate of inflation decreased to 5.53 percent in June, 2016. During this period, food inflation declined to 4.23 percent in June, 2016 from 6.32 percent in June, 2015 showing a sharp decrease in the inflation rate. Bangladesh Bank (BB) projects annual average inflation to be around 5.3-5.6 percent in FY17. Projected rise of global commodity prices in 2017, however, may continue exerting some upward pressure on domestic prices. Factoring in the declining trend in food and energy price in the international markets along with satisfactory domestic agricultural production and supportive monetary policy, the government expects that the general inflation in Bangladesh will ease substantially in the new fiscal year. 3.2 Remittance Bangladesh received USD 13.6 billion remittance in 2016, which is far below from USD 15.3 million in the year 2015, according to the Bangladesh Bank data. Expatriates sent highest amount of remittance in the year 2015 and remittance inflow trend was slow from the beginning of the last year due to oil price fall in the international market. Slump in oil price hurt the overall earnings of the wage earners mostly from the gulf countries, which pushed remittance inflow to downward. The Gulf countries, the largest labour market for Bangladeshi expatriates and also the main source of remittance, are going through an economic crisis

48

Annual Report 2016

Figure 3: Manpower Export and Remittance Inflow.7 1200 800 600 400

20000.0

981

1000 564

15000.0

691

650 427

439

685 441

409

462

5000.0

200 0

10000.0

2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16

No. of employee (000)

0.0

(Million US Dollar)

It is also noted that during FY2015-16, non-food inflation was higher than food inflation. It is worth mentioning that the general level of inflation stood at 7.60 percent in FY2008-09 which was 5.92 percent in FY2015-16, in a long 8 years showing a bit of fluctuation during the entire period.

due to the oil price slump. As a result, remittance inflow from those countries declined which hit hard the overall remittance inflow in Bangladesh. Moreover, differences in exchange rate between institutions and curb market made the expatriates reluctant to send money through banking channel. The exchange rate in the curb market went up to Tk82 against dollar while market rate hovering at around Tk78.

Employee number (000)

From the above Table and Figure, it is observed that during FY2015-16 the rate of inflation stood at 5.92 percent which was 6.41 percent in the previous fiscal year showing a fast decrease.

Amount of Remittances

Figure 3 shows that in the recent past, there is an upward trend in both the number of manpower export and the amount of inward remittances. However in the fiscal year 2015-16, even though the number of manpower export remained high at 685,000, the amount of remittance declined compared to previous year. This is because the highest amount of remittance is still coming from Saudi Arabia, for which the oil price slump took a hard hit on Bangladesh’s flow of remittance. The ratios of remittances to GDP and export earning show a mixed trend. The remittance sent by Bangladeshi expatriates was 8.72 percent and 49.09 percent of the country’s GDP and total export earnings respectively during FY2006-07. Within a decade in FY2015-16 it decreased to 6.74 percent of GDP and 43.60 percent of total export earnings. Declining remittance would likely receive some support from the higher number of workers going abroad and the better economic prospects in the Middle East, aided by rising oil prices. Import is projected to remain buoyant, reflecting higher domestic demand, driven by both investment and consumption. Bangladesh Bank projects the FY17 overall balance surplus at USD 2.9 billion8, which would help the reserve coverage to remain around 7

Finance Division, Ministry of Finance, GoB. (2016, November) Chapter 3, Prices, Wages and Employment. Bangladesh Economic Review 2016 (http://mof.gov.bd/ en/budget1/16_17/ber/en/Ch-03%20(English-2016)_ Final.pdf)

8

Bangladesh Bank. Monetary Policy Statement, JanuaryJune 2017. (https://www.bb.org.bd/monetaryactivity/ mps/mps_current.pdf)

7-8 months of prospective imports of goods and services in FY17.

fight inequalities and tackle climate change, while ensuring that no one is left behind.

3.3 Foreign Exchange Reserve

The SDGs, also known as Global Goals, build on the success of the Millennium Development Goals (MDGs) and aim to go further to end all forms of poverty. Earlier in 2015, Bangladesh was recognized as a role model in the achievement of MDGs. The Millennium Development Goals Bangladesh Progress Report 201510, showed that Bangladesh had registered remarkable progresses in the areas of poverty alleviation, ensuring food security, primary school enrolment, gender parity in primary and secondary level education, lowering the infant and under-five mortality rate and maternal mortality ratio, improving immunization coverage; and reducing the incidence of communicable diseases.

Foreign Exchange Reserves in Bangladesh increased to USD 32,092 million in December from USD 31,370 million in November of 2016. Foreign Exchange Reserves in Bangladesh averaged USD 16,237.58 million from 2008 until 2016, reaching an all-time high of USD 32,092 million in December of 2016 . Figure 4: Bangladesh Foreign Exchange Reserve9 33000 32,092

31,900 31,160

31,385

32000

31,370 31000

29,106 28,058

30000

28,802

29000

USD Million

30,137 30,039

28,265 28000

27,138 Jan 2016

Apr 2016

Jul 2016

Oct 2016

27000

SOURCE: WWW.TRADINGECONOMICS.COM I BANGLADESH BANK

This commendable development was initially brought about by exports and remittance outpacing imports (current account creating balance of payments surplus). More recently, the reserve buildup is attributable to increased foreign currency loans availed by private sector, foreign aid disbursement, foreign direct investment and financial inflows attracted by higher yield on takadenominated assets (financial account creating balance of payments surplus). This large stock of forex reserve provides an important source of self-insurance against potential balance of payments crisis and strengthens sovereign credit outlook. The latter attracts higher foreign investment, lowers country-risk premium charged on foreign borrowing and expands potential investor base for any sovereign bond Bangladesh decides to issue in the future.

4. Banking Sector and Sustainable Development Goals On 1 January 2016, the 17 Sustainable Development Goals (SDGs) to eliminate poverty, battle against discrimination and unfairness, and wrestle against climate change came into force at an historic UN Summit. Over the next fifteen years, with these new Goals that universally apply to all, countries will mobilize efforts to end all forms of poverty, 9

Trading Economics (http://www.tradingeconomics.com/ bangladesh/foreign-exchange-reserves)

Now with the new Global Goals, and the broader sustainability agendas11, Bangladesh Government aims to go much further than the MDGs, addressing the root causes of poverty and the broader need for development of the people of the country. Bangladesh in its Seventh Five Year Plan (7FYP) for the period of 2016-2020, has taken in to consideration several revolutionary steps including financial inclusion to achieve SDGs and to illustrate the global development agenda in the national plan. Financial sector is an effective instrument for advancing in the achievement of SDGs in Bangladesh. Accelerated financial growth has been recognized as a key development strategy for ensuring higher quality of life, improved quality of education, faster poverty reduction and employment generation. And in fact it was because of the financial growth of the economy that Bangladesh transformed into a middle income country. Financial and Banking services like credit and deposit activities; financing for small enterprises, women and underprivileged; trade services and green banking activities can clearly be linked to attainment of SDGs. A well-regulated and transparent banking system can provide the debt finance that is a critical element to implementing the SDGs. Banks can provide “green” or “sustainable” lending –not just in the context of large infrastructure projects but 10 Bangladesh Progress Report 2015, UNDP http://www. bd.undp.org/content/bangladesh/en/home/library/mdg/ mdg-progress-report-2015.html 11 Agenda for Sustainable Development, UNDP http://www. bd.undp.org/content/bangladesh/en/home/post-2015/ sdg-overview.html

Annual Report 2016

49

across the spectrum of economic activity, which is instrumental in the pursuit of energy efficiency goals, for instance. Banks and similar financial institutions can also play an important role in promoting access to finance by providing financial services to micro entrepreneurs and small enterprises, who often find access to finance as a major barrier for growth. Banks are also working on issuing green investment to nudge our financial system to serve our environment. Bangladesh Bank will provide a USD 200 million “Green Transformation Fund” to support green transitions in the export-oriented textiles and leather industries, supplemented by another USD 300 million from the World Bank.12

5. Infrastructure Scenario In line with the vision 2021 of the Government of Bangladesh and as per its seventh five year plan (SFYP, 2016-2020), Bangladesh aims to attain an average annual GDP growth rate of 7.4 percent to achieve middle income country status by 2021. As per Asian Development Bank (ADB) Country Operations Business Plan (COBP) for 2016–2018 (which aligns ADB’s action plan with the Government’s vision), ensuring adequate infrastructure is essential to meet the envisioned growth target. Accordingly, in the SFYP, the Government identifies that accelerating the requisite GDP growth is dependent on assuaging the infrastructure constraint, especially power and energy, by focusing priority attention to infrastructure development. Realizing the growth performance of the country, during June 2015, the World Bank upgraded Bangladesh to a ‘lower middle income’ country from a previous classification of ‘least developed’. However, like other international development partners as well as the Government of Bangladesh, World Bank has repeatedly urged investment in the infrastructure sector to meet the requisite aggregate national growth. As per World Bank’s estimates, till 2020, Bangladesh needs to make an aggregate investment of USD 100 billion in the infrastructure sector to meet its vision of becoming a middle income country by 2021. The World Bank also estimates that Bangladesh needs to raise its investment in infrastructure to around 10 percent of gross domestic product. 12 (15 January, 2016). BB announces monetary policy, The Daily Sun news, http://www.daily-sun.com/printversion/ details/106884/BB-announces-monetary-policy

50

Annual Report 2016

Realizing the need for infrastructure development, the Government of Bangladesh has consistently increased investment in the sector. For instance, the annual budget for FY 2015-16, shows that maximum importance has been given to transport, energy, education & religion, physical infrastructure, water supply and housing, rural development; health, nutrition & family planning and agriculture sectors. During the last four fiscal years, the highest allocation has been given to the transport sector. Padma Bridge was a national priority, the increased allocation for the Padma Multipurpose project to Tk 3,592.05 crore made the transport sector the highest recipient of ADP allocation in FY2015-16 as well, which was 21.11 percent of the total outlay. However, effectiveness of the budgetary allocations would depend on the manner the fund is capitalized. Moreover, a significant share of the infrastructure investment in the near and medium term will have to come from the private sector. As such, the budget for FY 2015-16 kept the trend of opening more space for private capital through new public-private partnership (PPP) programs. Generally, the Government is dependent on the Annual Development Programme (ADP) to execute the public investment including the infrastructure sectors. At present, along with the ADP mechanism, Government has undertaken PPP policy to implement the large scale infrastructure and energy projects which greatly contributes to carry out the Government’s target in development sectors. In order to attract the attention of the private sector investment both in local and foreign, the Government has implemented comprehensive reform programs by forming Privatization Commission and the Board of Investment. Currently, the Government has unified both the Privatization Commission and the Board of Investment to a single organization called ‘Bangladesh Investment Development Authority’. Moreover, different investment-friendly rules and regulations have been promulgated by the Government to ensure congenial environment for private investment.

6. Renewable Energy Scenario Given the global climate change scenario and carbon trading prospect, renewable energy has emerged as an alternative source of energy solution around the world. Bangladesh has enormous potential in developing renewable energy from

Besides, Bangladesh Bank has created a revolving fund of BDT 2 billion for refinancing of renewable energy projects, e.g.- solar energy, biogas, etc. through commercial banks and financial institutions at concessionary terms and conditions.

7. Operational performance of IDCOL During the reporting period, the total revenue of the company was BDT 4,509 million out of which BDT 738 million was interest from infrastructure projects, BDT 1,657 million was interest from renewable energy projects, BDT 98.8 million was fees income from project finance, BDT 102.7 million fees income from renewable energy projects and BDT 1,730 million was interest income from short-term investments. During the same period, the company’s operating and interest expenses were BDT 1,747.7 million and profit before tax and provision was BDT 2,761 million. Provision of BDT 1,221 million has been made for loans and advances and BDT 1,142 million for tax. Net profit after tax for the reporting period was BDT 398 million.

Figure 5: Company Profit (in BDT million) Profit 3,000

2,691

2,656

2,750

2,761

2,500

BDT million

different sources, i.e., solar energy, biomass, and biogas. Other renewable energy sources include wind, bio-fuel, gasohol, geothermal, wave and tidal energy, which are expected to be explored in the future. In line with the international trend, the Government of Bangladesh has taken a systematic approach towards renewable energy development. As part of its initiatives, the Government has adopted Renewable Energy Policy (REP) in 2008 and formed a focal point called Sustainable and Renewable Energy Development Authority (SREDA) for coordinating the activities related to the development of renewable energy technologies and financing mechanisms. The policy envisions to achieve the targets for developing renewable energy resources to meet five percent of the total power demand by 2015 and ten percent by 2020. IDCOL is committed to play a pioneering role in attaining this vision of the government. Government is considering to enact the SREDA Act, which will replace the REP 2008. IDCOL is implementing and financing several renewable energy programs and projects, the likes of which include IDCOL’s Solar Home System program, Biogas programs, Solar irrigation projects, Solar power based mini grid projects, solar powered solution for telecom BTSs, biogas and biomass based electricity, etc.

2,000

1,968 1,453

1,500 1,000

1,294

1,366

1,035 398

500 -

2012-13

2013-14

2014-15 Year

Profit before provision & tax

2015

2016

Net profit after tax

The Board has proposed payment of BDT 200 million as cash dividends to government and issuance of bonus share of BDT 500 million to increase Company’s paid up capital from BDT 5,000 million to BDT 5,500 million leaving a balance of 271 million as retained earnings to be carried forward to FY 2017. With a vision to become the national development finance institution, IDCOL is committed to making its capital structure as per global standards as soon as practicable. IDCOL’s loan portfolio was diversified covering various infrastructure sectors like power, telecommunication, tourism etc. The after tax income of the company stood at BDT 398 million as opposed to BDT 1,366 million in the same period last year, a decrease by 71 percent. Shareholder’s equity also experienced almost 5 percent growth over the last year. During the reporting period, the company maintained the role of the market leader in private sector energy and infrastructure financing in Bangladesh. Most of the revenues during the period came out of income from interests on loans and advances. Even with 9 percent increase in asset base and 5 percent increase in equity, the profitability indicators fared well with the ROA and ROE being 0.54 percent and 6.66 percent respectively. Even though the ROA and ROE of the company has gone down by 1.5 percent and 17.42 percent respectively as compared to the last half yearly results ended on 31 December 2015, it should be noted that the ROA and the ROE are among the highest in the industry. It is expected that the expansion in the asset and equity base of the company would enable it to reap the benefits in the form of enhanced returns in the years to come.

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Figure 6: Company Return on Equity (in percentage) 40.00%

37.07%

35.00%

35.38%

30.00% 24.70%

25.00%

24.08%

20.00% 15.00% 10.00%

6.66%

5.00% 0.00%

2012-13

2013-14

2014-15

2015

2016

Increasing concentration on particular sectors and supply of unsecured/part-secured loan to support GOB’s initiative for development by IDCOL over the years are facing regulatory & sustainability challenges in terms of capital adequacy, stress testing, and market liquidity. Moreover, gradual development to a full functional NBFI with limited product line & funding sources has also catalyzed the matter. Hence, to ensure sustainable growth and align with the future prospect, IDCOL has initiated process for appointing an international consultant for strategic planning and positioning of the company considering the future outlook. Besides, IDCOL is also exploring for multiple avenues of funding sources, in addition to the current use of DFI credit lines through MOF, and bi-laterally negotiating with the DFI and commercial credit lines in this regard.  In the meanwhile, IDCOL has enhanced its eligible sector for financing, added new business units & lending windows, and reinforced corporate governance environment with dedicated risk manager and segmentation of various task with dedicated units. Under the infrastructure window, to reposition under the changed dynamics of infrastructure landscape, IDCOL added separate business units to cater dedicated segments and increased its focus on energy efficiency and PPP & advisory services. On the other hand, under the renewable energy window, IDCOL focused on investment in solar-based irrigation and mini-grids, in addition to solar home system and other programs.

8. Infrastructure & PPP Projects In 2016, IDCOL realized impressive growth under its Infrastructure & PPP investments with disbursements totalling BDT 6,340 million, an approximate growth of 43 percent over previous year. Under large infrastructure financing, IDCOL

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disbursed USD 30 million in the 110 MW HFO based power plant of Summit Barishal Power Limited and USD 15 million in the 55 MW HFO based power plant of Summit Narayanganj Power Unit II Limited. In keeping with IDCOL’s sector diversification strategy, USD 20 million was disbursed to Doreen Hotels & Resorts Limited, under the Four Points Sheraton brand in the tourism & hotel sector initiating IDCOL’s first investment in tourism sector. Due diligence was also initiated for several industrial energy efficiency projects which included a vertical roller mill cement manufacturing plant at Mongla, Bagerhat. Investments also included disbursements totalling BDT 420.2 million in favour of three automatic brick manufacturing plants with a combined capacity of 420,000 bricks/day, BDT 400 million for a LPG bottling plant at Mongla, Bagerhat and BDT 77 million under PPP project financing for establishment of two kidney haemodialysis centres at National Institute of Kidney Dialysis Unit (NIKDU) and Chittagong Medical College Hospital (CMCH) to provide low cost and affordable kidney dialysis services. The project has already started operation and is notably the first PPP project in the healthcare sector of Bangladesh and has been solely financed by IDCOL. Apart from disbursements, a number of approvals were completed during the period. These included USD 32 million (BDT 2,560 million) for a 100,000 dead weight tonne first-of-its-kind private sector Dry Dock facility for ocean going vessel at Badalpura of Chittagong, BDT 1,184 million under industrial energy efficiency finance and BDT 1,000 million for a petroleum refinery project at Dangar Char of Chittagong. Approvals were also arranged for financing of two new environment friendly brick manufacturing plants at Patuakhali and Brahmanbaria along with a refrigerator manufacturing plant at Gazipur. As part of service diversification, the Infrastructure & PPP investment wing increased its presence in the syndication finance market. IDCOL held the syndication closing ceremony of Makrail Auto Bricks as Arranger of BDT 350 million to establish an environment friendly automatic brick plant of 120,000 brick/day capacity using tunnel kiln technology with coal gasification system at Makrail, Modhukhali, Faridpur. IDCOL was also mandated as Arranger & Agent for three new syndication finance transactions namely, a

100,000 brick/day capacity auto brick project at Brahmanbaria, a 54 MW HFO based power plant at Chittagong and a readymade garment project of Pretty Group to produce dress pant, bottom, jacket and blazer at Mawna, Gazipur.

9. Renewable Energy Projects 9.1 IDCOL Solar Home System Program During January 2016 to December 2016, 56 Participating Organizations (PO) of IDCOL installed 193,918 Solar Home Systems (SHSs) in the rural areas of Bangladesh, leading the total number of installation to 4,112,904 at the end of December 2016. Till December 2016, IDCOL disbursed USD 631 million (BDT 41,587 million) as credit and channeled USD 186 million (BDT 5,983 million) as grant to all POs. During the period January 2016 to December 2016, IDCOL also received over BDT 3,391 million as principal repayment and earned BDT 1,580 million as interest income and BDT 66.2 million as monitoring & administration fees. 9.2 IDCOL Biogas & Bio-fertilizer Program As of December 2016, a total of 44,493 domestic sized biogas plants have been constructed under the program. During the reporting period, 3,721 plants have been constructed by the Partner Organizations. Till December 2016, IDCOL provided refinancing facility of BDT 599.49 million and channeled BDT 520 million as grant to the POs under the program. Till December 2016, IDCOL earned BDT 113.47 million as interest, BDT 328.22 million as principal repayment and BDT 78.36 million as management fees. 9.3 IDCOL Improved Cook Stove (ICS) Program IDCOL launched the ‘Improved Cook Stove Program’ in 2013. With the funding support from the World Bank. The objective of the program is to reduce the use of cooking fuel as well as ensure reduction of Indoor Air Pollution (IAP) through promoting supply of higher efficiency cook-stoves. The Program is being implemented through 66 POs working in 282 upazilas. 731,404 ICS have been installed under the program during January – December, 2016. During January – December, 2016, IDCOL earned BDT 26.05 million as monitoring fees from the

program. The total grant amount disbursed for the program during this period is BDT 249.98 million. 9.4 Other Renewable Energy Projects Till December 2016, seven of the previously approved solar mini-grid projects of IDCOL went into commercial operation. The combined capacity of these 7 mini-grids is 966 kWp. Once operational, these mini-grids have the potential to meet the electricity requirements of more than 3,247 households and commercial entities located in the isolated, off-grid areas of the country. In addition to this, as of December 2016, a total of 607 solar irrigation pumps went to commercial operation under IDCOL financing. During the period, a total of BDT 626 million has been disbursed for renewable energy projects, of which BDT BDT 257 million has been provided as loan and BDT 369 million as grant.

10. Status of IDCOL loans As of 31 December 2016, overall collection rate of loans provided by IDCOL is around 92.66 percent. There were in total seventeen classified loan accounts of which ten were in bad, two were in doubtful and five were in sub-standard category. IDCOL had already initiated necessary legal measures against six of its classified borrowers to recover the due. The remaining classified loan accounts were closely monitored and necessary actions under the finance and security documents would be taken against the borrowers if they fail to settle their outstanding amount.

11. Private Sector Infrastructure Development Project (PSIDP) During the reporting period, the company effectively monitored its loan to Meghnaghat Power Limited (MPL). All principal repayments, interests and fees due under the loan arrangements were duly received. IDCOL, on behalf of the government, received USD 2.77 million as interest and USD 3.87 million as principal repayment. IDCOL also earned USD 73,790 as monitoring fees.

12. Rural Electrification and Renewable Energy Development Project (REREDP) (work in progress) During the reporting period, IDCOL, on behalf of the Government, received BDT 25.12 million

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as interest and BDT 275 million as principal repayment. IDCOL further earned monitoring fees of BDT 0.78 million.

activities financed by IDCOL and monitoring collection efficiency of unit offices of the partner organizations.

13. Short Term Investment Income

17. Investment Advisory

During the reporting period, IDCOL earned an amount of 1,730.1 million from balance with banks and financial institutions, out of which BDT 10.8 million from short term bank deposit, BDT 1,719 million from fixed deposit and BDT 0.5 million from call money lending.

A new unit, PPP & Investment Advisory, has been established and made operational in 2016 under the Investment Department. The unit has two primary objectives, to invest in Public Private Partnership (PPP) projects developed by the PPP Authority of Bangladesh and to provide transaction, corporate, investment and other advisory services. While investment in PPP projects will complement the country’s development of investment grade quality infrastructure projects, the unit’s capacity building, investment and transaction advisory activities will expand IDCOL’s service offerings.

14. IDCOL’s Debt Service Performance During the reporting period, IDCOL’s debt service obligation under all the loans were current. IDCOL made a total debt service of BDT 2,226 million under various projects which are as follows: Table 1: Summary of IDCOL’s Debt Service Performance SL NO. 1 2 3

4

PROJECT

INTEREST PRINCIPAL AND (BDT FEES (BDT MILLION) MILLION)

REREDP funded by IDA PPIDF funded by ADB JICA Improving Rural Households’ Livelihoods through Solar Energy Project in Bangladesh funded by IDB Total

834

383

447 203

241 -

34

84

1,518

708

15. Classified loan status The percentage of classified loans as on 31 Dec’16 was 9.45 percent.

16. Our Regional Offices IDCOL has 15 regional offices in Dhaka, Chittagong, Rangpur, Sylhet, Khulna, Barisal, Bogra, Barguna, Brahmanbaria, Faridpur, Mymensingh and Laxmipur under its renewable energy programs. Each of these offices are managed by a regional supervisor and some technical inspectors. Currently, a total of 212 technical inspectors and field auditors are conducting physical verification and managing operations of SHS, biogas plants, ICS, other renewable energy initiatives, training

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Under Investment Advisory services, various workshop, seminars, and training programs are regularly arranged for capacity development of industry stakeholders. In 2016, IDCOL arranged seven training/workshop which included three training courses on ‘Project Finance’ and ‘Financial Modeling’ and two capacity development workshops on ‘Financing Utility Scale Solar Projects’ and ‘Industrial Energy Efficiency’. More than 175 professionals from banks and financial institutions, project sponsors and development companies, international organizations and consulting firms were trained under these training and capacity building programs. Given IDCOL’s successful dissemination of Renewable Energy technologies in Bangladesh, many countries especially developing countries of Asia and Africa are keen to learn from IDCOL for replication of similar programs in their respective countries. In 2016, an experience sharing visit was arranged for trainees of Climate Finance Course, coordinated and delivered by International Institute for Environment and Development (IIED) in collaboration with the International Center for Climate Change and Development (ICCCAD) and the United Nations Development Programme (UNDP). Forty trainees from Afghanistan, Pakistan, Cambodia, Thailand, Nepal, United Kingdom and Switzerland participated in the program. As part of IDCOL’s strategy for service and market diversification, the PPP & Investment Advisory unit has initiated transaction advisory and

consultancy services. In this regard, Memorandum of Understanding (MoUs) have been executed with a number of local and foreign firms which includes Bureau Veritas (Bangladesh) Pvt. Limited, Embtronics Limited, DevConsultants Limited and Quality Growth Services Pvt. Limited of India. In addition IDCOL participated in two competitive bids for providing advisory services, one with in partnership with Quality Growth Services Pvt. Limited of India to provide consultation and training for obtaining OHSAS 18001:2007 certification for 163 sites of Bangladesh Power Development Board (BPDB) and the other in partnership with Royal Haskoning DHV of Netherlands to provide transaction advisory services for PPP Authority of Bangladesh.

18. Internal Control The role of the internal audit committee is to provide independent assurance that an organization’s risk management, governance and internal control processes are operating effectively. Internal auditors deal with matters that are integral to the survival and prosperity of any organization. Management will follow up on the status of actions on recommendations made by the internal control. The board reviews regular reports from the management on key operating statistics, legal and regulatory matters. The Board also approves any amendments to the company’s policies. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we consider necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. The Credit Risk Management unit of IDCOL has been actively working towards the company’s adherence to a strong risk management framework. The unit is responsible for providing independent credit risk assessment and assisting the management in strengthening the company’s risk strategy and in effect improving the quality of credit portfolio. The Company was maintaining centralized credit risk management through CRM Committee which was responsible for identifying relevant risks and required mitigation of the proposed loans. Supporting departments i.e. Credit Administration

Department, Environment Department and Legal Department was actively involved for managing risk avenues i.e. overdue management, CIB report analysis, environmental risk management, legal risk management etc.

19. Directors’ responsibilities of preparation of financial statements The Company Law requires the Directors to prepare financial statements for each financial year that gives a true and fair view on the state of affairs of the Company and the Group at the end of the financial year and on the profit or loss of the Group and the Company for the financial year. The Directors are responsible for preparing the Company’s financial statements in accordance with the applicable laws and regulations. They have to select appropriate accounting policies, apply them consistently, make judgments and estimates that are reasonable and prudent and state whether applicable accounting standards have been followed. The Board confirms that the financial statements have been prepared under the applicable laws and regulations and as per requirements of regulatory authorities and provide the auditors with every opportunity to take whatever steps and undertake whatever inspections the auditors consider to be appropriate for the purpose of enabling them to give their audit report.

20. Going Concern The financial statements have been prepared on a going concern basis assuming that the entity is able to continue as a viable entity for the foreseeable future and that there is no material uncertainty.

21. Directors’ Statement Pursuant To the Disclosure and Transparency  To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statements:  That in the preparation of the annual accounts for the year ended 31 December 2016, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;  That such accounting policies have been selected and have been applied consistently and judgment and estimates have been made

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that they are reasonable and prudent, so as to give a true and fair view of the state of affairs of the Company as on 31 December 2016, and of the profit of the Company for the year ended on that date;  That proper and sufficient care has been taken for the maintenance of adequate accounting records, in accordance with the provisions of the Companies Act, 1994, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;  The annual accounts have been prepared on a going concern basis

22. Director’s Meeting & Attendance From 01 January to 31 December 2016, a total of 12 (twelve) Board meetings were held. During this period, the aggregate attendance of the directors recorded was more than 80 percent. The core activities of the Board were carried out in scheduled meetings of the Board and its Committees. Those meetings were timed to link to key events in the company’s corporate calendar and regular reviews conducted of specific business areas. Additional meetings and conference calls were arranged to consider matters which require decisions outside the scheduled meetings.

23. Corporate Governance IDCOL has been practicing the principles of sound corporate governance. In addition to this, the Board lays strong emphasis on transparency, accountability and integrity. The board remains committed to guiding the strategic development of the group and supports the principle of collective responsibility for the success of the company. A separate detailed report on Corporate Governance is included as part of the Annual Report.

24. Framework IDCOL has a solid governance framework through which it maintains its environmental, social and economic performance. All these components are essential for sustainable development and the future well-being of the nation. The component central to the framework governance, provides corporate direction and sets company principles and values that guide our business practices.

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Figure 7: IDCOL’s Governance Framework

ECONOMY

GOVERNANCE

ENVIRONMENT

PEOPLE

25. Business Ethics The day-to-day business activities are conducted in a fair, honest and ethical manner at IDCOL. Every person connected with IDCOL has individual responsibility for maintaining an ethical and healthy workplace. Managers and leaders throughout the company are additionally responsible for fostering a proper environment and encouraging ethical practices. IDCOL has a reputation for the highest standards of excellence, quality and reliability in all its activities, and for respect, honesty and fairness in its dealings with the development partners, partner organizations, colleagues and other constituents. The continued success and future growth depend on the maintenance of these standards.

26. Contribution to the National Exchequer and the Economy During the year January-December 2016, the company contributed a total amount of BDT 1,141.9 million as corporate tax, BDT 12.44 million as Tax Deducted at Source (TDS), BDT 19.47 million as VAT and BDT 100 million as dividend to the government, in total BDT 1,273.81 million was paid to the national exchequer. By adopting a responsible behavior, as well as through sustainability addedvalue approach, IDCOL contributes most effectively in social, environmental and economic progress.

27. Responsibility towards Civil Society As a responsible corporate citizen, IDCOL strives to play a positive role in society, by building a culture that promotes employee volunteering, and through corporate giving to support the communities in which it operates. IDCOL is committed to sharing

its business expertise by helping to build better understanding of the needs of individuals and the society at large.

28. Auditors Hoda Vasi Chowdhury & Co. have been appointed as auditors for the Company’s accounts for the half Year starting from January 2016 to December 2016. The Financial Institutions Act, 1993 stipulated that an auditor of a financial institution cannot be appointed for more than three consecutive years. Section 210 (10) of the Company’s Act, 1994 also gives authority to shareholders of the company to fix the auditor’s remuneration. So, the board recommended appointing Hoda Vasi Chowdhury & Co. as the auditor for IDCOL.

Acknowledgement I would like to express my gratitude to our development partners, partner organizations and the Board for their continuous assistance, guidance and confidence in IDCOL. My sincerest thanks goes to the Management team and all the employees for their hard work, commitment and integrity which have brought the company to this level.

By order of the Board

Date: 30 April 2017

Chairman

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Chairman’s Statement

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Annual Report 2016

On behalf of the board of the directors, I am pleased to present the Annual Report along with the audited accounts of our company for the year ended 31 December 2016. In 2016, apart from ensuring delivery of a good financial performance, our Board focused on refining IDCOL’s strategy for growth, involving detailed reviews of each business. This covered the market, products, emerging technologies, competition, risks, talent development, diversity and succession plans. Our exceptional people were fundamental to the delivery of 2016’s successful results, including making reasonable income and profit compared to our competitors in the industry.

Overall Performance

Our strong financial performance was reflected in our performance during the year. Even with a 4.5% rise in operating expenses owing to an expansion in organizational capacity and introduction of competitive pay structure in IDCOL, the company demonstrated profit before tax of BDT 2,761 million which is 0.4% higher than last year. It is expected that IDCOL will be reaping the benefits from enhanced organizational capacity and a pool of dedicated employees in the form of increased income and profit in the coming years. We achieved a 0.54% return on assets while our total assets increased by BDT 6,048 million from last year. Shareholders’ equity has also increased from BDT 5,673 million to BDT 5,971 million.

Board of Directors

IDCOL’s board of directors appointed to act on behalf of the shareholders runs the day to day affairs of the business and oversees management’s performance closely, ensuring that the company executes its strategy with financial discipline and with integrity. So far the Board members’ collective effort has led the company in delivering long-term sustainable success for the benefit of all our shareholders.

services. So far IDCOL has borne full responsibility to make a positive contribution to the economic and social well-being of our country and this has been proven in 2016 when IDCOL was awarded as Country’s Top Tax Payer for the assessment year 201516 (fiscal year 2014-2015) in the category of “NonBank Financial Institutions” for depositing highest amount of taxes to the state as a gesture to influence others to be just as compliant.

Management and colleagues

I would like to thank all of our people for living IDCOL values and going the “extra mile” during 2016. Undoubtedly IDCOL leads a highly talented and experienced management team and we have over 300 colleagues. The commitment, skills and client service standards our colleagues deliver make the difference.

Strategic Direction:

During the last decade IDCOL has established itself as the face of solar home system in Bangladesh enriching lives of more than 12% of the population. It has created a strong rural outreach network with the help of its Participating organizations (POs). It has effectively disbursed funds of several multi-lateral funding agencies to investments in renewable energy and infrastructure projects. IDCOL has achieved great operational expertise and management efficiency in its renewable energy programs. Meanwhile, the Bangladesh economy and the business/ macroeconomic environment is changing and demand for various infrastructure requirements is rising. The socio-economic aspirations of the people are also changing. It is of significance that IDCOL suitably positions itself in this changing market.

IDCOL has a social mission built into the business model which makes it decide on business activities that are beyond profit motive. Therefore I believe it has a perfect mix of individuals from the public and the private sector with the relevant experience, skills and determination to take the company forward as a successful for-profit social enterprise.

Therefore, IDCOL has decided that this changing perspective should be pursued through a consciously derived Strategic Plan over the next 3 to 5 years. The ultimate goal is to leverage on the organizational strength to exploit the opportunities available. We are constantly exploring to introduce efficient technologies in renewable energy and enter different infrastructure sub-sectors to diversify revenue streams. We will consider additional opportunities wherein IDCOL will strengthen its current loan offerings as well as advisory services to boost fee based income.

Sustainability and responsibility

Acknowledgement:

IDCOL has made significant progress in recent years but we also know there is more to do and we need to continue our efforts to understand and tackle the challenges and opportunities ahead. We at IDCOL follow a continuous progress approach, where we want to improve our performance step by step. With this in mind, we continuously strive to enhance our contribution to a sustainable future, so that our stakeholders and beneficiaries can fully trust in our

On behalf of the Board of Directors, I would like to thank the directors, management and all employees of IDCOL for their commitment and contribution during 2016. The year 2017 will continue to be a challenging one despite recent signs of economic recovery worldwide. I would also like to take the opportunity to thank shareholders, associates, clients, bankers, sub-contractors and suppliers for your continuing understanding and support to IDCOL.

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From the CEO’s Desk

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Annual Report 2016

We continue to work in a demanding economic environment where the next year holds new challenges for our organization. Every year IDCOL boldly faces such new challenges as it helps us to learn and grow. However the year 2016 has been exceptionally challenging for our Renewable Energy Program, due to the market distortion led by the unregulated commercial entities in the country, but as always we have successfully overcome the barrier to our organizational growth. We have adopted new strategies to redesign our business model that will not only add-value to our business success factors in the coming years, but will also strengthen our position in the market. IDCOL being a state-owned development financial institution has a goal to ensure economic prosperity through sustainable and environment-friendly investments in the infrastructure and renewable energy sectors of the country. Thus before I move on to the operational success of the company, let me briefly summarize the current conditions and the prospects in the infrastructure and renewable energy sectors of the country.

Infrastructure and PPP sector development In the globalized environment of trade and investment it is important for any country to be competitive, and the quality of infrastructure is a key input for it. Energy and transport are essential elements of the modern production and distribution processes and the efficiency and relative cost of these inputs are often a key determinant of competitiveness in the global economy. The World Economic Forum regularly updates countries position on competitiveness based on 12 pillars. Infrastructure (transport and energy infrastructure) is a key pillar for economies like Bangladesh. The Global Competitiveness Report 2015-2016 published by World Economic Forum, assigned Bangladesh an infrastructure ranking of 123 among 140 countries. According to the said report, Bangladesh improved by only 0.2 points in terms of infrastructure, compared to 2014-2015 and still suffers from acute shortage of adequate infrastructure. In the Seventh Five Year Plan (SFYP 2016-2020) the Government of Bangladesh rightly prioritized the need for improved power, energy, transport and other infrastructure for achieving its growth strategy to fulfill the Government’s vision 2021 of transforming Bangladesh from a low-income economy to a middle income one. In particular,

highest priority was placed in improving the supply of electricity and subsequently major expansion programs in power and gas supplies were identified for implementation. Important programs for improving roads, highways, bridges, railways and water transport networks have been included in the Plan. In addition to this policies and institutional support among other things were also put into effect, to help leverage private investments alongside public investments in the energy and infrastructure sectors. The financing strategy emphasized both public funding as well as financing based on publicprivate partnership. Emphasis was also placed on improving efficiency and service delivery through a series of structural reforms involving pricing policy and institutional reforms. Private sector participation is crucial for need assessment, project implementation and most importantly for financing. For more than a decade, IDCOL has been working in close co-operation with Bangladesh government, various international development partners and the private sector of the country to bridge the gap between government’s infrastructure development targets and its financing requirements. IDCOL by financing private sector-led infrastructure projects directly supports government’s infrastructure development agenda. For the financial year 2016, Infrastructure disbursement grew by 43% (i.e. from BDT 4.45 billion in 2015 to BDT 6.34 billion in 2016) and the major infrastructure financing for the reporting year were for projects relating to power, energy, tourism, health and brick kiln. The power segment constitutes the chunk of 57% of the total loan portfolio as of December 2016 and it results to the generation of more than 1,665 MW of electricity which is about 11.1% of the National Electricity generation. In 2016, three large infrastructure projects comprising of Four Points Sheraton Hotel, 110 MW and 55 MW HFO fired power plants in Barisal and Narayanganj respectively, were approved and financed by IDCOL. Alongside, IDCOL also facilitated various small and medium infrastructure financing including automatic brick manufacturing plants costing BDT 1,527 million which combinedly produces 800,000 bricks/day. The BDT 1,000 million LPG storage & bottling plant at Mongla, Chittagong’s Petroleum Refinery project with production capacity of 10,000 barrel per day, as well as the country’s first ever PET bottle recycling plant at Narayangong worth BDT

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226 million. Furthermore, IDCOL also disbursed USD 1 million for a captive power generation plant and agreed to finance BDT 1184 million for installing energy efficient equipment in a LEED platinum certified RMG Company. Last but not the least, IDCOL also approved BDT 90 million under its PPP initiative for establishment of two kidney haemodialysis centers at National Institute of Kidney Dialysis Unit (NIKDU) and Chittagong Medical College Hospital (CMCH) to provide affordable kidney dialysis services in the country. This is the country’s first PPP based project in the healthcare sector, implemented under the PPP Authority and is solely financed by IDCOL. In 2016, for the above mentioned projects IDCOL has disbursed BDT 420.2 Million for three automatic brick manufacturing plants, BDT 400 Million for a LPG bottling plant, BDT 39 million for PET bottle recycling plant and BDT 77 Million for two kidney haemodialysis centers.

Renewable energy (RE) Policymakers, civil society and industry of Bangladesh have increasingly recognized that transitioning to ‘green economies’ is not only critical from the perspective of environmental protection, but also that ‘green growth’ can create significant opportunities for economic advancement in the country. In 2009, the Bangladesh Ministry of Environment and Forest published the “Bangladesh Climate Change Strategy and Action Plan” that introduced four major sources of funds for financing renewable energy investments in Bangladesh, namely The Bangladesh Climate Change Resilience Fund (BCCRF), The Global Environment Facility (GEF), The Pilot Program for Climate Resilience (PPCR) and The Bangladesh Climate Change Trust Fund (BCCTF). Not to mention Bangladesh is the first developing country to set up a coordination plan, as well as the first to come up with its own climate trust fund. Recognizing these initiatives, in September 2015 Prime Minister Sheikh Hasina was awarded the Champions of the Earth award by the United Nations. The bulk of the current programs instigated under these funds are being implemented by Infrastructure Development Company Ltd. (IDCOL) which have started to influence changes in the regulations, policies and information that guide the way Government of Bangladesh and wider society respond to renewable energy and climate change.

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Bangladesh has enormous potential in generating power from renewable sources, especially from solar energy. IDCOL has played a pioneering role in this regard, through its flagship program, widely known as the Solar Home System (SHS) Program. The program has extensively contributed to the generation of clean electricity in the rural off-grid areas of the country and has replaced carbon emitting kerosene lamps, resulting into significant reduction in CO2 emission. IDCOL has financed installation of 4.1 million SHS by December 2016, with a total clean electricity generation capacity of 136 MW. The program has so far saved consumption of 1.14 million tons of kerosene worth USD 411 million (considering USD 0.30 per liter) and prevented 2.75 million ton of carbon emission in the atmosphere. In the next 15 years already installed 4.1 million solar home systems will save consumption of another 3.6 million tons of kerosene worth USD 1300 million, further preventing 8.68 million ton of carbon emission. Therefore, total saving in terms of reduction in kerosene use is almost 3 times of total credit investment of USD 603 million. IDCOL’s Solar Home System program is recognized worldwide as a success of public money instigating off-grid solar market, making a significant impact on the country’s off-grid population and leading the world for off-grid SHS energy access. The program apart from extending financial support executes voluntary agreement with the borrowers which enables it to closely monitor the market for compliance of renewable energy technologies and intervene to maintain required technical standards to ensure the quality and sustainability of the program. Encouraged by the success of Solar Home System program of IDCOL, the Government of Bangladesh has initiated number of programs like, solar irrigation, solar mini/micro-grid, solar park, solar roof-top, solar boating and so on. Several fiscal incentives have been extended by the Bangladesh Government to Renewable Energy project developers and investors. Dedicated funding support has also been extended through government financial institutions like Bangladesh Bank and IDCOL, as well as through private commercial banks. Moreover, government has also exempted duties and taxes on certain renewable energy products, e.g. solar panel, solar panel manufacturing accessories, charge controller, inverter, LED light and solar operated light.

Financing Energy Efficiency Our mission is to accelerate investment in sustainable clean energy as a means to combat climate change, create green jobs, reduce energy use, increase our national energy security and stimulate our economy. As a part of our goal to finance energy efficiency projects, we have undertaken the Green Brick Program through which we hope to gradually replace all traditional brick kilns of the country with modern and environment friendly technologies. Towards achieving 10% conservation of total power generation as per Government’s power system master plan 2016, IDCOL is collaborating with JICA to jointly finance projects related to energy efficient - equipment, household appliances and green building. At present IDCOL is preparing to apply for approval of six pilot sub projects amounting to BDT 12,570 million. After introducing the use of energy efficient LED lights in the country through its Solar Home System (SHS) program, IDCOL is now working towards enabling people to conserve and make efficient use of scarce energy resources at a larger scale. IDCOL has taken initiatives to introduce energy efficient appliances such as fans, television, refrigerators, etc. under its solar mini-grid projects with a view to enable people to do more with less energy.

Operating Results In the year 2016, company’s Profit before tax and provision was BDT 2.761 billion which is 0.40 % higher than BDT 2.75 billion last year. Interest income from Renewable Energy project loan has overall declined by 5% mainly because of decline in the sale of SHSs. The decline in sales have been persistent from 2014, due to market saturation and uneven competition from the market where poor quality SHSs are offered at a lower price. In addition to this, in 2015, government initiated a safety net program (KABIKHA/TR program) distributing free SHS throughout the country causing serious setback on IDCOL SHS program. While the Renewable Energy program of IDCOL seek new strategic arenas to diversify its investment, the Infrastructure and PPP unit earned a 53.2% higher interest income on Infrastructure loan as the disbursement, mainly in the power sector grew significantly. IDCOL’s net profit after tax in FY 2016 stands to BDT 397.9 million that is 71 % lower than BDT 1,366.14 million last year. This decrease in

profit is mainly due to an increase in provision against loan and advances as well as for rise in operating expenses owing to an expansion of the organization’s capacity in the form increase in manpower and office space. It is expected that IDCOL will be reaping the benefits of increased organizational capacity in the form of greater returns in the subsequent years. Moreover, income from other renewable energy and infrastructure projects are expected to grow given that a number of such projects have been approved recently, as well as a decent-sized pipeline awaits for approval. Our Return on Asset during the year stood at 0.54% as opposed to 2.04 % in the previous year, whereas the Return on Investment during the year stood at 0.97% compared to 3.70% last year. This is due to an increase in both asset and equity base of the company by 9.03% and 5.30% respectively and a simultaneous decrease in net income by 71.0%. However, the comparative financial analysis shows that IDCOL currently belongs to the top among similar financial institutions in terms of return on equity and return on investment.

Organizational Growth In order to cope up with the increase in business while maintaining the strict level of diligence, we have added new departments to ensure proper services, timely completion of tasks and better penetration to focused markets. At the same time, expansion of the work force has led to greater specialization in different areas resulting in more accountability and greater focus on individual tasks. IDCOL’s HR strategy and our track record as a responsible employer help us attract the top talents from the market. We invest in our employees to ensure their long-term commitment to the company. Our goal is to maximize individual potential, increase commercial effectiveness, reinforce the company’s culture, expand our employee’s professional opportunities, and help them contribute positively to the greater communities. Our employees undertake trainings in countries like Japan, Germany, China, etc. to bring home the knowledge and skill set required for implementing the pioneering projects that IDCOL undertakes.

Challenges and opportunities Significant risks are involved during the implementation of infrastructure projects. Starting from the technical complexity of constructing and operating such projects to planning and approval

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process, all are sources of risk. Such risks need to be identified, quantified and managed. It is frequently claimed that, with the right incentives, the private sector may be better able to identify and manage many of the key risks associated with larger projects. In other words, private sector can effectively provide insurance against a project’s key delivery and performance risks more cheaply than the public sector. The public sector can then focus on what it does best, such as defining and monitoring the public services to be delivered. Thus, it is argued that allocating certain risks to the private sector can increase the overall efficiency in delivering the infrastructure and the associated public services. While it is generally agreed that private sector involvement is key to infrastructure development in Bangladesh, the coordination among public and private sectors still remains a challenge. While lack of financing is often hailed as the core hindrance, but the major challenge faced by the infrastructure sector is the lack of strong framework for developing high quality, bankable projects. Furthermore, it take a significant time for the government infrastructure projects to be awarded in the market , for which it remains to be a niche market opportunity for financing company like IDCOL. Nevertheless, the opportunities in the infrastructure sector are plenty as government continues to incentivize private investment through tax holiday, import duty exemption, investment repatriation, sovereign guarantee, and dedicated local infrastructure fund sources, which all are making Bangladesh a lucrative location for further investment. In case of renewable energy sector the constraints to scaling up private climate finance in developing economies like Bangladesh are usually not the financial viability and maturity of technologies, but market failures and barriers, which include (a) low or subsidized energy pricing (for example, fossil fuel subsidies); (b) the small share that energy costs represent in operating costs; (c) limited financing for the high up-front investments; and (e) the inability of some potential investors to capture the returns from green investments. Although most renewable energy technologies are economically viable they may not yet be sufficiently financially viable to attract private investment. The incremental cost of renewable energy over fossil fuels is usually the most important barrier. However, this cost gap is closing with time, as solar photovoltaic [PV] costs have declined more than 50 percent in the past 15 years while the fossil fuel price has increased. Last

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but not the least, increasing private climate finance flows require more than the announcement and promise of national green growth policy strategies. Building investor confidence needs clear, consistent and well-aligned policies over a long period of time. Industry, finance and other core ministries must also play leading roles in establishing a robust policy environment that ensures alignment across all policy objectives. IDCOL’s initiatives also focuses on the technical and capacity building aspects of renewable energy, which will continue to bring about women welfare, income generation, child education and skill development of local entrepreneurs. We have used our innovative financial schemes to involve the community at the grass root level, to ensure that the rural people can procure renewable energy systems for their livelihood and income generating activities. IDCOL with its various initiatives will continue to act as a role model to demonstrate that renewable energy applications can be scaled up economically and rapidly to provide an affordable and climatefriendly energy solution for the country.

Strategic Initiatives: In order to handle the currently faced challenges and to grow by taking those challenges as learning, IDCOL has developed a mid-term strategic and business plan in the year 2016. For this purpose, an agreement on 1 June 2016 with Deloitte Touche Tohmatsu India Private Limited has been signed. Key objective of the assignment was as below:  Review and analyze the existing business portfolio, human resources, mandates, status and nature of financial resources, market positioning, fund raising strategy, competition, corporate structure and governance.  Addressing required improvement, diversification, growth and sustainability in the overall business operations of IDCOL and developing a strategic and comprehensive business plan till year 2020. IDCOL with the help of key experts group identified key intervention areas required across the organization for the next 3-5 years. Considering IDCOL has an advantage of low cost of source of funds, we are planning to expand our presence in the infrastructure sector. Our planning is to rebalance the portfolio with 65% assets under infrastructure by 2020. Such expansion would help IDCOL to reduce its concentration risk in the RE program.

We also have planned following strategic initiates:

Our humble submission

 Targeted disbursement of USD 1 Billion by 2020.

Relationship with the government, the multilateral bilateral development agencies and all our suppliers and partners is fundamental to our success. IDCOL’s perception as a transparent and trustworthy partner is derived from its commitment to integrity. We are sincere in dealing with our stakeholders and the communities where we have an impact. I would like to end my message by thanking all our valued development partners i.e., the World Bank, ADB, JICA, SNV, KfW, GIZ, IDB, USAID, GPOBA, DFID and above all the Government of Bangladesh for their continuous support towards IDCOL. I also wish to convey my deep gratitude to all our partners, who form an extensive network of valuable business resources and ensure delivery of excellent performance. I appreciate our Board, which consists of successful individuals with diverse set of skills and experiences, for its continuous support and guidance. Finally, my utmost gratitude goes to my fellow colleagues for their united efforts, diligence, commitment and their ability to embrace change. In our journey towards excellence, it has been a highly rewarding experience to be recognized and acknowledged by local and international organizations. In FY 2016, IDCOL won the ICMAB Best Corporate Award 2015 in the category of ‘Non-Bank Financial institutions and was also rewarded as the Country’s Top Tax payer by the National Board of Revenue (NBR) for the assessment year 2015-16 (fiscal year 2014-2015) in the category of “Non-Bank Financial Institutions. In addition to these, IDCOL was honored with the United Nations Momentum for Change Award during a ceremony with UN Secretary General Ban Ki-moon at the Conference of Parties 22 (COP22) in Morocco’s Marrakech. All these stands testament to our accomplishments during the year. The future is challenging but full of exciting opportunities. I envision progressive and strategic role played by IDCOL as it continues to excel in its current operations, explores innovative ideas and fosters valuable business relationships.

 Advisory services to be strengthened as it is a low risk service and IDCOL has relevant expertise in the power and allied sector.  Proactive reach out plans, efficient collection process, innovative collection strategies and customer segmentation to be done to increase SHS recovery.  Implementing twofold approach to build its brand and to gain visibility in the market space. We are also working on reengineering processes to reduce the turnaround time and re-alignment of the Organization structure with streamlined process flows. The results of the process re-engineering exercise will flow into the new organization structure and an organization wide change management initiative has been planned for smooth implementation.

Looking Forward IDCOL IDCOL is expanding its investment horizon to include more infrastructure and renewable energy sector projects. We are also undertaking projects to make sustainable improvements in social infrastructure mainly through investments in education, health and tourism sectors. In addition, our success in financing large infrastructure projects and renewable energy dissemination has encouraged other developing countries to replicate similar programs in their respective countries. We continue to provide knowledge and capacity building support to local companies as well as other countries for sustainable business development. IDCOL aims to play the pioneering role not only with regard to providing suitable financial mechanisms for supporting renewable energies but also for energy efficiency measures. In this regard, IDCOL is working towards implementing global practices with regard to energy conservation and energy efficiency in the country. Given that the IDCOL SHS program is on verge of the maturity stage and further expansion of the program seems to be challenging, IDCOL is now focusing on other parameters of the program such as increasing collection efficiency and introducing product diversification.

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Corporate Governance

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TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO 67 Annual Report 2016TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO

Corporate Governance Corporate governance is a set of policies, processes and procedures guiding the way a corporation is directed and controlled. It covers stakeholders, the relationship between them, the company and the strategic vision of the company. The governance structure specifies the distribution of rights and responsibilities among different stakeholders of the corporation and specifies the rules and procedures for making decisions in corporate affairs. Corporate governance provides the structure through which corporations set and pursue their objectives, while reflecting the context of the social, regulatory and market environment. It is a mechanism for monitoring the actions, policies and decisions of the corporation.

Company’s affairs and is also fully accountable to the shareholders. They firmly believe that the success of the Company largely depends on the credible corporate governance practices adopted by the Company. Taking this into consideration, the Board of Directors of IDCOL set out its strategic focus and oversees the business and related affairs of the Company. The Board also formulates the strategic objectives and policy framework for the Company. In discharging the above responsibilities, the Board caries out, inter alia, the following functions as per the charter of the Board and Bangladesh Bank’s DFIM Circular No. 7, dated September 25, 2007.

Corporate governance protects the interests of all stakeholders while respecting duty of the Board and Management to oversee affairs of the company and promote long-term growth and profitability.

The IDCOL Board may form special Committees comprising Board members or any other members from outside of the Company for special purposes. The following are the existing committees of the IDCOL Board-

The Board is committed to the Company to achieve superior financial performance and long term prosperity, while meeting stakeholders’ expectations of sound corporate governance practices. The Board determines the corporate governance structure of the Company. As with all business activities, the Board is proactive in respect of corporate governance and puts in place those arrangements which it considers are in the best interest of the Company and its shareholders and consistent with its responsibilities to other stakeholders. The Board duly complies with the guidelines issued by Bangladesh Bank regarding the responsibility and accountability of the Board, its Chairman and Chief Executive, vide DFIM Circul ar No. 7 dated September 25, 2007. The Board of Directors is in full control of the

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Au

tion Com iza

Cr

Committees of the Board

Orga n

Roles & Responsibilities

ttee mi

it Commit ed

IDCOL is managed by an eight member independent Board of Directors comprising four senior government officials and three prominent entrepreneurs from the private sector nominated by the Government and an appointed full time Executive Director & Chief Executive Officer.

Commit t dit

ee

Composition

tee

Board of Directors

Committees of the Board

Audit Committee Composition IDCOL has a four-member Audit Committee comprising the Senior Secretary of Finance Division as the Chairman and three private sector Directors of the Company. The members are: 1. Mr. Mahbub Ahmed, Director 2. Mr. Waliur Rahman Bhuiyan, Director 3. Ms. Nihad Kabir, Director 4. Mr. Abdul Haque, Director Roles & Responsibilities The Audit Committee assures the independence of IDCOL’s internal control functions and audit activities in compliance with the requirements

established in Development Credit Agreement, Agency and Administration Agreement, various Project Agreements and Boards’ decisions. This Committee is responsible1. To monitor the integrity of the company’s financial statements and announcements; 2. To review internal financial control; 3. To monitor and review the internal audit function; 4. To recommend the appointment or replacement of external auditors and review the effectiveness of their work; 5. To develop and implement policies on the use of the auditors for non-audit services.

Credit Committee Composition The seven-member committee is currently headed by the Senior Secretary, Finance Division. The other six members are – Senior Secretary, Prime Minister’s Office, Secretary, Power division, three members from the private sector Directors of the IDCOL Board and the CEO, IDCOL. Members of the committee are: 1. Mr. Mahbub Ahmed, Director

negative sides of the proposal and shall give its opinion/recommendation. The Credit Committee also makes recommendations for pricing of all IDCOL loans. Besides, the Committee also provides guidance to the IDCOL Board with regard to IDCOL’s role as lender of last resort in private sector infrastructure projects implemented in Bangladesh. It is to be mentioned here that the Credit Committee shall only give recommendation /opinion about a proposal; credits will be finally approved by the IDCOL Board.

Organization Committee Composition The Organization Committee of IDCOL is a fourmember committee represented by Chairman, IDCOL, Secretary, Economic Relations Division, Secretary, Power Division, one director nominated from private sector and CEO, IDCOL. Members of the committee are: 1. Mr. Kazi Shofiqul Azam, Chairman 2. Dr. Ahmad Kaikaus, Director 3. Ms. Nihad Kabir, Director 4. Mr. Mahmood Malik, Executive Director and CEO

2. Ms. Suraiya Begum ndc, Director

Roles & Responsibilities

3. Dr. Ahmad Kaikaus, Director

The Committee is responsible for overseeing the overall Human Resources strategy and policies of the Company, which is designed to provide:

4. Ms. Nihad Kabir, Director 5. Mr. Waliur Rahman Bhuiyan, Director 6. Mr. Abdul Haque, Director and 7. Mr. Mahmood Malik, Executive Director and CEO Roles & Responsibilities Credit Committee of IDCOL is primarily responsible for reviewing all project appraisal reports before submission to the Board for approval. The Committee reviews loan proposals and make recommendations to the Board. The approval of this Committee is mandatory before these documents are submitted to the Board for final approval. The Credit Committee shall analyze the credit proposal to see whether the proposal is consistent with IDCOL’s credit policies and credit norms, guidelines/regulations of Bangladesh Bank, relevant laws etc. and has been presented by following all the required formalities. The Committee, in the light of its analysis, shall consider the positive and

 A rich supply of high caliber employees with the capability to lead the business now and in the future.  Diversity of employees to reflect the available talent in the market place and consumer demographics.  Training and development that will equip employees with the skills and knowledge to perform their duties efficiently.  A high performance culture and employee engagement that will drive organization success.  A level and composition of reward and recognition for employees that: 0 will attract, retain and motivate employees with the requisite skills and expertise towards high performance; 0 is linked to Company and individual performance;

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0 maintains the integrity of the Company’s remuneration strategies and practices; 0 provides appropriate alignment between shareholder interests and employee interests; 0 provides a framework for undertaking reviews of remuneration proposals; and 0 is compliant with current governance and legislative requirements related to remuneration practices.  The committee will guide, advise, review and recommend initiatives related to corporate matters within the following areas: - - - - - - -

Organization Structure (Organogram) Staff Manual Compensation Human Resource Development Performance Management Succession Plan Other matter that may be delegate by the Board from time to time

Committees of the Management In an effective Corporate Governance Structure, the company management has a collective mandate under the leadership of ED & CEO to carry out daily operations to the best interest of the stakeholders. The management team of IDCOL is headed by Executive Director and Chief Executive Officer, Mr. Mahmood Malik. Several management committees have been formed to handle the company operations and identify and manage risks of the company. The following are the existing committees of the management-

Management Committee Composition The Board delegates responsibility for the day-to-day management of the Company to the Management Committee. The Executive Director & CEO is the Chairman of the Committee. The committee consists of the following members: 1. Mr. Mahmood Malik, Executive Director & CEO 2. Mr. S. M. Monirul Islam, Deputy CEO 3. Mr. Nazmul Haque, Director (Investment) and Head of Advisory 4. Mr. Md. Enamul Karim Pavel, Head of Renewable Energy 5. Mr. M. Maftun Ahmed, Company Secretary Roles & Responsibilities The Board delegates responsibility for the day-to-day management of the Company to the Management Committee. The Committee is responsible for ensuring that the business is operating effectively within the strategy and risk appetite agreed by the Board. Responsibility of the Committee includes all aspects of the ongoing operation of IDCOL. The Committee time-to-time delegates day-to-day operations to the Executive Officer.

Asset Liability Management Committee Composition The committee comprises of the senior management of the company. Members of the committee are: 1. Executive Director & CEO 2. Deputy CEO 3. Chief Financial Officer

Committees of the Management

4. Director (Investment) and Head of Advisory 5. Head of Renewable Energy

Management Committee

Asset Liability Management Committee

Risk Management Forum

Risk Analysis Unit

Internal Audit Department

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Credit Risk Management

Roles & Responsibilities

(CRM) Committee

The functions of the Asset Liability Management Committee will be as under:

Internal Control and Compliance Unit

 To assume overall responsibilities of Money Market activities.

IT & MIS Department

 To manage liquidity and interest rate risk of the Financial Institutions.  To understand the risk elements involved within the business.

 To understand the market position and competition etc.  To provide inputs to the Treasurer regarding market views and to update the balance sheet movement.

test the resilience of the facility portfolio.

Risk Management Forum Composition

Credit Risk Management (CRM) Committee

Risk Management Forum is headed by the Deputy CEO (CC) and Chief Financial Officer of the Company. The forum consists of the following members:

Composition

1. Mr. S. M. Monirul Islam, Deputy CEO

The CRM Committee evaluates all projects/ proposals of financing activities of the Company from the risk point of view. Headed by the CEO, the committee consists of the following members:

2. Mr. Nazmul Haque, Director (Investment) and Head of Advisory

1. Executive Director & CEO 2. Deputy CEO

4. Ms. Farzana Rahman, Unit Head (Investment), Other Renewable Energy

3. Chief Financial Officer

Roles & Responsibilities

4. Director (Investment) and Head of Advisory

The role and responsibilities of the forum will be as under:

 To deal with the dealer’s authorized limit.

5. Head of Renewable Energy Roles & Responsibilities The functions of the CRM Committee will be as under:  Be responsible for the implementation of the credit risk policy/ strategy approved by the Board;  Monitor credit risk and ensure compliance with limits approved by the Board;  Recommend to the Board, for its approval, clear policies on standards for presentation of credit proposals, financial covenants, rating standards and benchmarks;  Taking decisions in terms of capital allocation and defining limits in line with the risk strategy;  Decide delegation of credit approving powers, prudential limits on large credit exposures, standards for facility collateral, portfolio management, facility review mechanism, risk concentrations, risk monitoring and evaluation, pricing of facilities, provisioning, regulatory/ legal compliance, etc.;  Lay down risk assessment systems, develop MIS, monitor quality of facility/investment portfolio, identify problems, correct deficiencies and undertake facility review/audit; and  Undertake portfolio evaluations and conduct comprehensive studies on the environment to

3. Mr. Md. Enamul Karim Pavel, Head of Renewable Energy

 Designing overall risk management strategy of the FI;  Communicating views of the board and senior management regarding the Risk Management Culture and Risk Appetite all over the organization;  Preparing risk procedures;

management

policies

and

 Monitoring the prescribed/threshold limits of Risk Appetite set by the regulator and/or by the organization itself;  Developing, testing, and observing the use of models to measure and monitor the risks;  Developing and overseeing implementation of stress testing;  Overseeing the Capital Management functions in accordance with the Risk Based Capital Adequacy measurement accord i.e. BASEL-II / III;  Determining the most cost-effective way to minimize the risks;  Highlighting the risky portfolios and deficiencies of the company on timely manner and reporting these analyses to the Executive Director & CEO as well as the Board of Directors with specific recommendations and suggestions;  Reviewing the market conditions, identifying

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71

the external threats and providing with recommendations for precautionary measures accordingly; and  Developing overall information system/MIS to support risk management functions of the organization.

Risk Analysis Unit

Roles & Responsibilities The unit is mainly responsible for establishing and maintaining adequate internal control systems to ensure compliance of the Company, developing internal control process, procedures and policies to ensure that the company’s business activities and associated risks are well managed.

Composition

Internal Audit Department

The unit consists of the following members:

Composition

1. Mr. M. Maftun Ahmed, Company Secretary

The department is mainly responsible for establishing and maintaining adequate internal control mechanism and ensure compliance with the policies and procedure of the Company. Currently, an Internal Auditor works under the department. The Internal Auditor is-

2. Mr. Md. Ziaul Alam, ACA, Unit Head- Financial Reporting, Taxation & Control 3. Mr. Farhan Reza, Administration)

Unit

Head

(Credit

Roles & Responsibilities Risk Analysis Unit will be responsible solely to identify and analyze all sorts of risks appropriately and timely. The role and responsibilities of the unit are Collecting all relevant data related to the risk indicators from different models and information system at the earliest;  Assessing the quality, completeness correctness of those data;

and

 Identifying and quantifying the risks and their exposures to material loss;  Preparing Risk Management Paper (RMP) in monthly basis; and  Conducting periodic Stress Testing.

Internal Control and Compliance Unit Composition Internal Control and Compliance unit is headed by the Deputy CEO (Current Charge) and Chief Financial Officer of the Company. The unit consists of the following members: 1. Mr. S. M. Monirul Islam, Deputy CEO 2. Mr. Md. Enamul Karim Pavel, Head of Renewable Energy 3. Mr. M. Maftun Ahmed, Company Secretary 4. Mr. Md. Ziaul Alam, ACA, Unit Head- Financial Reporting, Taxation & Control

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1. Mr. Md. Ziaul Alam, ACA, Unit Head- Financial Reporting, Taxation & Control Roles & Responsibilities The Internal Audit Department has the following responsibilities:  Working with Board committees and management to ensure that a system is in place to identify and analyze all major risks, on a regular basis;  Planning, organizing and carrying out the internal audit function including the preparation of an audit plan which fulfils the responsibility of the department;  Providing management, audit committee and the Board with opinions on the internal controls in the organization;  Carrying out an independent appraisal of the effectiveness of the policies, procedures and standards by which the financial, physical and information resources of the organization are managed; and  Adding value by acting as a facilitator in business risk management and carrying out value for money reviews, thereby assisting the management and the Board in the effective discharge of their responsibilities;  The Internal Auditor will report directly to the Board or Board committees;

The CEO, IDCOL or Deputy CEO will supervise the work of Internal Auditor in terms of making periodical reports to the Board or Board committees.

IT & MIS Department Composition Information Technology and Management Information Systems is an integral part of the Corporate Governance. A full-fledged department ensures adequate IT and MIS infrastructure and its security. The department includes the following members: 1. Mr. S. M. Monirul Islam, Deputy CEO 2. Mr. Mohammad Rashedul Islam, Assistant Manager (IT) 3. Mr. Murshed Ahmed, Junior IT Officer Roles & Responsibilities The IT & MIS Department’s primary objective is to streamline the management information systems with the strategic direction of the Company. In this regard, implementation of the organizational structure with well-defined roles for the responsibility of information, business processes, applications, infrastructure, etc. generates value for the stakeholders while mitigating the risks associated with incorrect deployment and use of Information Technology.

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Credit Risk Management

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OW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER IDCOL believes thatTOGETHER Credit Risk Management plays a FOR TOMORROW TOGETHER FOR TOMO OW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OW TOGETHER FOR TOMORROW TOGETHER FORaspect TOMORROW of TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW fundamental good governance which inTOGETHER turn FOR TOMORROW TOGETHER FOR TOMO OW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OW TOGETHER FOR TOMORROW TOGETHER TOMORROW TOGETHER FOR FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO enables theFORorganization to TOMORROW deliverTOGETHER effective decision OW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OW TOGETHER FOR TOMORROW TOGETHER TOMORROW TOGETHER TOMORROW TOGETHER FOR TOMORROW making to FOR accomplish theFOR strategic objectives ofTOGETHER the FOR TOMORROW TOGETHER FOR TOMO OW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO organization. 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CREDIT RISK MANAGEMENT IDCOL believes that Credit Risk Management plays a fundamental aspect of good governance which in turn enables the organization to deliver effective decision making to accomplish the strategic objectives of the organization. With the continuous effort to attain and entrench sustainable risk governance and risk management culture in an independent and integrated set of processes, a comprehensive Credit Risk Management (CRM) framework has been established in IDCOL. The framework clearly defines the lending process, risk identification, measurement, grading, and reporting along with mitigation techniques, specifying management of problem accounts, documentation and legal issues. It has been developed by adopting Bangladesh Bank guideline on Credit Risk Management dated 21 July 2005 and incorporating internal policies and taking into consideration of industry best practices. IDCOL, in addition to the Bangladesh Bank guideline, also complies with risk management criteria of its Development Partners. Taking calculative risk with best possible mitigation measure is in the core of every business. In light of this, Credit Risk Management (CRM) Unit has been developed in the year 2014 to identify, measure and mitigate credit risk of IDCOL in accord of the framework. The CRM unit is distinct and has adapted the framework to ensure transparency and accountability within IDCOL. It is responsible to identify the major risk points on credit and to conduct post approval follow up for strengthening the portfolio. CRM unit seek to contain and mitigate risks within the appetite set by the Board of Directors. As the outcome of any risk is uncertain, adherence to fundamentals of risk management, good judgment and precision in forecast coupled with strong corporate governance are the key to manage risks. Some major uncertainties that IDCOL may face in the coming year are change in regulatory policies and compliance, macro-economic factors, geopolitical events, political stability, natural calamity and risk of fraud. CRM Unit evaluates all proposals keeping these uncertainties in mind. Moreover, the CRM unit is focusing towards ensuring compliance on regulation and supervision as defined by the regulators with full conjunction of international practice standards in leverage, governance and risk management to ensure resilience of IDCOL.

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Annual Report 2016

The key functions of the Credit Risk Management Unit, in a broader gauge are as follows:

1

2 Credit Risk Assessment

3 Post Approval Monitoring

Post Disbursement Monitoring

Risks at IDCOL CRM unit while assessing the proposals consider the followings: Risks

Credit Risk

Implementa on Risk

Market Risk

Technology Risk

Poli cal Risk

HR Risk

O & M Risk

Environmental Risk

Raw Material Risk Government Policy Risk

With the continuous effort to strengthen and embed the practice of risk management culture and governance at enterprise level, IDCOL has segregated the broader challenge into components to identify and quantify the risks and to provide adequate mitigations to minimize future arising losses which may adversely affect the organization or the stakeholders. Some of the risks have long term impact while others have a short term impact. Therefore the dimensions of risks that needs to be managed at IDCOL is analyzed deeply and continuous effort is being given to minimize the effect.

Credit Risk Assessment Process: The Credit Risk of IDCOL is effectively managed and minimized through the developed policies and procedures established by the Board of Directors, addressing various issues starting from market risk to environmental risk. The responsibility is clearly segregated between origination of business, assessment, approval, documentation, disbursement and recovery to ensure better risk management, internal control, transparency and accountability. CRM unit is involved in risk assessment, identifying risk and probable mitigation.

For a prudent practice, a separate Credit Risk Management Committee has been developed consisting of the top level management of IDCOL, upon approval of which, a project shall be deemed acceptable to the board of directors for consideration. The Credit Risk Management Committee has also been delegated with different credit authority for various programs and projects.

Idenfying probable risk Reporng of the findings to Mgt.

Measuring the impact of risk Credit Risk Assessment

Providing feedback to Business Units

Board of Directors has the ultimate authority to approve or decline any credit proposal and to delegate authority to the management. IDCOL has structured credit approval process to ensure detail and in-depth project due diligence addressing associated risks and possible mitigations.

Idenfying possible migaon Highlighng uncontrollable risks

The credit approval process Project Sponsor Applies to IDCOL Business Units Feedback and recommendation

Submit the appraisal report for risk assessment

CRM Unit Submit CRM observation Present the project

Credit Risk Management Committee Recommendation Credit Committee

Final Approval

Recommendation IDCOL Board

Preliminary approval

Flowchart of Approval Process

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Credit Monitoring Monitoring Cycle

Pre Approval

Post Approval Monitoring

Post Disbursment Monitoring

Tasks Performed

• Analysis of Scenarios • Identifying risks • Checking CRG • Suggesting mitigations

• Monitoring the approval terms

• Monitoring of Payment Behavior

• Site Visit

• Analysis of Market

• Monitoring project/program implementation through collection of Quarterly Monitoring Report

• Collection Efficiency Monitoring.

• Report to Management

• Report to Management

Post Approval Monitoring

With the belief that there is always room for improvement and to improvise the risk management culture and governance, IDCOL not only conduct due diligence during approval stage but also monitor the financed projects over the tenor to predict upcoming risks and to take possible risk measures. To monitor project status, quarterly reporting is done by the business units and is assessed by CRM unit. During the year 2016, IDCOL experienced affected growth in its financed programs due to growing competition in the market, natural calamity, tendency of fraud in the borrowers etc. for which IDCOL has taken necessary careful measures. The comprehensive IDCOL risk management guideline covers principles of risk management

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• Payment and Overdue status Monitoring

and the processes of reporting to carefully handle the upcoming risks. Risk is managed in two levels: operational level and management level. Issues are identified in the operation level, then are reported to the credit risk management team to identify probable risks, subsequently the team notify management about the identified risks along with the taken mitigation measures or seek management support to deal with the identified risks where clear guideline is not present. Company has developed different formats to record risks so that it can monitor the risk management procedure and can identify where there is a scope of improvement. IDCOL uses Asset Risk Rating Policy i.e. Credit Risk Grading (CRG) scale to both new and existing borrowers. It consists of 8 categories, of

which categories 1 to 5 represent various grades of acceptable credit risk and 6 to 8 represent unacceptable credit risk. Any client whose rating is equal and above 6, may not be considered for the loan. The company ensures review of CRG at least once in a year and periodical review as and when required. This process allows the management to monitor changes and trends in risk levels and manage risks to optimize returns.

Post Disbursement Monitoring

quarterly report on overdue and documentation status. It conducts quarterly management meetings for determining milestones so that overdue position can be predicted and controlled. IDCOL continuously endeavors to improve the internal credit risk rating methodologies and credit risk management policies and practices, to reflect the true credit risk of the portfolio and to have proper control on the risk management in the Company.

The Company also have strong monitoring process in place to observe portfolio health through

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Environmental & Social compliance

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Environmental and Social Safeguards compliance in Renewable Energy initiative of IDCOL Overview:

The major objective of Infrastructure Development Company Limited (IDCOL) is to increase the access to clean energy in rural areas through renewable energy. It is supporting: Increase access to electricity in rural areas through renewable energy; (ii) large-scale dissemination of more efficient cook stoves and fuels for cooking; and (iii) improve technical and institutional efficiency in the power sector. Earlier, IDCOL has an Environmental and Social Management Framework (ESMF) to identify the likely environmental and social impacts, propose suitable mitigation measures and implementation of these measures for its renewable projects. The main objective of the ESMF is to ensure that activities under the proposed operations, which will address the following issues:  Avoid, or minimize potential negative environmental and social impacts as a result of either individual subprojects or their cumulative effects;  Enhance positive environmental and social outcomes;

 Protect environmentally sensitive areas from additional disturbance from project interventions;  Protect human health;  Compensate the GHG emission during operation of SHS due to Lead-acid battery;  Ensure compliance with Environmental Conservation Rules (ECR), 1997 and safeguard policies and standards of the World Bank, ADB, JICA and KfW;  Maintain gender neutral attitudes in construction and operation of sub-projects;  Ensure the compliance of Labour Law 2006 and ILO requirements (as are applicable) by all entrepreneurs associated with the IDCOL Renewable Energy initiatives.  Ensure women’s participation in subproject activities according to the skills and requirements. From the following Figure 1, we can get an idea of considering ESMF issues in a project with an effective environmental clearance approaches in IDCOL and DOE (Department of Environment). No

Feasibility Report submission to DCOL

DOE comments on draft ToR for EIA

Public Consultation on the EIA IEE report preparation and submission to IDCOL for review EIA review by DOE and IDA IEE submission to DOE Finalization on Environmental Management Plan on comments/ conditions by DOE and IDA

DOE Decision whether EIA is required Yes

Environmental Clearance generated by DOE

Is the IEE adequate? Project Proponent obtains no objection letter from Local Authority for site clearance

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Identification of Risks and Impacts:

The ESMF has been developed for the renewable energy operation to ensure due diligence, to avoid any environmental degradation issues for the project- Solar Home System (SHS) component, and other renewable energy component including minigrid, solar irrigation, domestic biogas, improved cook stove and biogas and biomass gasification based power projects All components/projects with IDCOL’s (Renewable Energy) involvement yield positive environmental impacts. The primary environmental, health, and safety issues involve gathering information about how the projects’ equipment are manufactured, installed, and ultimately disposed-off. So, proper consideration of all environmental and social factors during design and implementation is of extreme concern. In case of Solar Home System, there is an environmental issue of Sulphur-di-oxide (SO2) emission and other gaseous substance during operation phase. Moreover, there is issue of significant emission of Lead oxide (PbO), Hydrogen sulfide (H2S), etc. gaseous substances during battery manufacturing and recycling process.

Maintenance-free battery is used for mini-grid project, there is no air pollution during operation phase, but during recycling- there is risk of pollution. Ensuring proper disposal of expired PV panel (which contained aluminum, hydrochloric acid, silicon, and phosphine) is also appearing as a prime requirement for Environmental Health and Safety (EHS) context. Also, the possibility of GHG emission during manufacturing, operation and recycling of lead-acid batteries could be a matter of concern. So, required measures need to be adopted to mitigate as well as compensate. In the context of social views- no land acquisition or displacement of people from public or private lands is permitted under IDCOL’s renewable energy projects. However, if indigenous populations (IPs) may come in contact with the project. The transactions with the IPs will be commercial in nature with willingbuyer willing-seller basis. Consultations with the IPs are done in their local languages to be able to persuade them to buy the products/services that the project is supporting.

The following major action has been undertaken under the existing ESMF of ongoing projects under IDCOL finance in respect of environmental and social compliances: Impacts SHS- Construction and Operational Phase : 1. Improper management of expired batteries may lead to environmental pollution and health safety concern. 2. During manufacturing of lead-acid battery, there is significant risk of environmental and health safety hazards.

Mitigation Measures taken by IDCOL

IDCOL Achievements

a IDCOL has prepared “Policy Guidelines on Disposal of Warranty Expired Battery”. The customers, POs, and manufactures should comply with this policy fully.

4.09 million Solar Home Systems have been installed all over Bangladesh till December 2016, which replaced around 8.2 million of kerosene lamps and therefore reduce 919,775 tons of carbon di oxide (CO2) per year.

a IDCOL has deployed solar inspectors spreading over in 12 regional offices with coverage of the entire country to exclusively monitor the management of expired battery. a IDOCL has required all battery suppliers and expired battery recyclers under SHS program to be ISO 14001:2004 and OHSAS 18001:2007 compliant in addition of the requirements of the DOE. At present there are 17 battery suppliers and 4 expired battery recyclers, who have complied with these requirements.

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Impacts

Mitigation Measures taken by IDCOL

IDCOL Achievements

a IDCOL arranges quarterly EHS compliance meeting to raise awareness about EHS and assess the implementation of required EHs standards. a Installation of effluent treatment plant (ETP) and air treatment plant (ATP) have been made mandatory for en-listed battery suppliers and expired battery recyclers Solar IrrigationConstruction and Operational Phase: 1. Adverse Impact on ecosystem will not occur in general circumstances. However, moderate change in land use including tree clearing may be required depending on project site.

IDCOL has introduced a special environmental and social screening template, which covers most of the relevant aspects. IDCOL has emphasized the project to prepare a proper way to pump-up water and use plan reference from experience in the surrounding areas and results of hydrological surveys. IDCOL has conducted a survey by an expert about the water availability in various potential areas.

2. Excessive water use may cause impact on hydrology. Mini grid- Construction and Operal Phase: 1. Mini-grid requires a considerable piece of land, there is scope of disturbance to site specific ecosystem in the Project area. 2. Due to operation of diesel fueled back-up generator there could be temporal noise and SOx emissions concern.

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629 solar irrigation pumps have been in operational by the end of December 2016, which replaced 2,075 tons of diesel burn shallow pumps; therefore reduces 5,562 tons of carbon di oxide (CO2) each year.

To address the possible adverse impacts, IDCOL has made mandatory for project sponsor to prepare a detailed environmental impact assessment (ESIA). In this regard, IDCOL has introduced a well-structured ToR for ESIA. Twenty Five (25) solar mini-grid (all projects located in isolated island in Bangladesh) have been approved by IDCOL, 20.81 MW of electricity will be generated. At this time eight projects have been in operational mode.

Impacts Improve Cook Stoves

Mitigation Measures taken by IDCOL

IDCOL Achievements

IDCOL has required basic environmental and health compliance of manufacturing, operation and maintenance of ICS.

974,671 Improve cooking systems have been installed by the end of December 2016, which reduces 2 million tons of carbon di oxide (CO2) each year. Gasification of BiomassConstruction and Operational Phase: 1. Impact on ecosystem will not occur in ordinary circumstances. However, tree clearing may be required depending on project site.

IDCOL has required a detail environmental impact assessment and the proper implementation of Environmental Management Plan (EMP).

One biomass based power project has been approved by IDCOL. 400 kW of electricity will be generated and calcium carbonate (CaCO3) and about 918 tons of silica will be produced as byproduct.

2. Smoke from biomass gasification plant may cause air pollution. The smoke and dust may include hazardous substances and cause health disturbance to the workers. Biogas Power GenerationOperational Phase: Waste water will be digested in the system, the environmental load w ill be reduced. However, improper slurry management may cause water pollution.

IDCOL has required the project proponent to install sufficient facilities and conduct the proper maintenance.

Nine biogas-power generation projects have been approved by IDCOL. Approximately 600 kW of electricity and about 1000 tons of organic fertilizer will be produce as byproduct. Currently, five projects have been in operational mode.

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Organizational Capacity and Competency:

IDCOL has gained experience in implementing environmental management framework by complying with the safeguards requirement of the WB, ADB and the Department of Environment (DOE). IDCOL has established an independent Environment and Social Safeguards Management Unit (ESMU) to institutionalize the environmental and social management in its operation.

Training and Capacity Building of Stakeholders

From the inception, IDCOL prioritizes to build up the importance of awareness and capacity building of all RE stakeholders on various issues in relevant with Environmental health and safety (EHS). Considering the response from the stakeholders, IDCOL is considering to arrange such type of events on a regular basis.

Lead auditor and skill certification (ISO 14001:2004 and OHSAS 18001:2007) training program for battery manufacturers and recycling facilities 2016.

Holistic Approach about Global Environmental Pollution

IDCOL is committed to reduce environmental pollution not only at national level but also at global context. In this regard it has adopted a holistic approach. For example, in case of imported leadacid battery and PV panel, it has made mandatory for the suppliers to submit the environmental clearance certificate issued by the respective agency of the manufacturing country, ISO 14001, OHSAS 18001 and above all submission of EHS compliance report of the manufacturing plant, with a view to ensure that the expatriate manufacturing plant is considering the EHS compliance with due importance.

Grievance Redress

IDCOL has set-up a Call Center, which is being operated by two full-time officials. The prime responsibility of this call center is to note the

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Annual Report 2016

grievances raised by the SHS, Bio-Gas, ICS customer and to adopt required measures to solve the grievances with due priority. The effectiveness of response of this call center is monitored by the senior officials on a regular basis.

Recognition

IDCOL received the first ever Clean Development Mechanism (CDM) fund for solar home system program in Bangladesh under the United Nations Framework Convention on Climate Change (UNFCCC). Until February 2016, UNFCCC have issued 461,897 Certified Emission Reduction (CER) for IDCOL solar home system (SHS) program under an emission reduction purchase agreement signed by IDCOL with the World Bank.

Annual Report 2016

87

EHS presentation has been delivered to SHS operations committee (OC) meeting and requested to all POs to implement the EHS compliance in their offices (regional and local). Quarterly (collect monthly report from POs and battery recyclers and compile it quarterly)

Basic EHS compliance of POs with emphasis on taking care of environmental and safety compliance during storage, collection and distribution of lead acid battery, PV panel and other accessories.

Expired battery collection distribution of new battery

Quarterly EHS Compliance meeting at IDCOL for raising awareness of battery recyclers and manufacturers and assess their status of EHS implementation based on the submitted quarterly report

2. One management meeting have been conducted with all battery & recyclers management

1. Regular quarterly meeting have been conducted at IDCOL Head Office

From January 2016 to December 2016, 16 manufacturing and 4 recycling plants have been visited by the IDCOL personnel

EHS compliances of all IDCOL enlisted battery suppliers with their effectiveness of ESMF implementation.

Solar Home System (SHS)

and

Reporting

Monitoring Issue

Project component

2. Air & waste water need to monitor by the QC lab by the all manufacturers and a third party should test every six monthly.

1. EHS activities need to develop all manufacturers of battery Industries & recyclers

From June 2016 to December 2016, IDCOL inspected 7,772 SHSs with warranty expired batteries (6 Years old). Out of these, 7,089 (91%) batteries were not replaced. Among these 7,089 batteries 79% (5,631) batteries were working well while 15% (1,087) were not in good condition but still functional and 5% of the batteries found in bad condition or non-functional. Out of 7,772 batteries, 683 (9%) expired batteries were replaced by the POs.

Rest of the POs will comply the EHS practices very soon.

Out of 47 POs, 16 of them reported to comply the EHS compliance in their regional (some) offices and developing their practices in the other regional & local offices.

13 manufacturing plants were found to be satisfactory whereas rest 3 manufacturing and four recycling plants comply moderate satisfaction and need improvement.

Outcome

IDCOL believes in transparency and free flow of information. In this regard, it is following a structured monitoring and review process of disclosing the relevant information on environmental and social safeguards of RE project. The monitoring program has been shown in below:

Monitoring, Reports and Disclosure:

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Annual Report 2016

Solar irrigation

Project component

Assessment of suitability of project site in respect of basic environmental and social aspects for each new solar irrigation project as is to be installed.

Basic environmental, social and health safety compliance assessment Of solar irrigation project under construction or operation.

Monitoring Issue

Till to date, 433 environmental and social screening reports have been reviewed

http://idcol.org/social/97a0ce6 c4defc65402ef191f9715b e12.pdf

Till to date, 629 Solar Irrigation pumps have been approved by IDCOL. 602 pumps are in operations/ on trial and 27 pumps are under construction or in process to construction.

There is no issues of resettlement in implementation of the projects were observed during the visit of the field area.

No issues have been observed in the surrounding (forests, wetland, creeks, streams, undeveloped areas, residential areas, industrial areas, environmentally sensitive areas) environment of the three projects. Farmers of the project are using water for irrigation purpose in their traditional manner to cultivate crops. There was no depletion of underground water table in the project areas have been observed during the cultivation time and there was no major health and safety issues have been observed.

3. According to ESMF all approved battery suppliers and recyclers under IDCOL SHS program are required to have ISO 14001:2004 and OHSAS 18001:2007 certificates. For that reason, on April 2015, IDCOL conducted an EHS training for buildup awareness to implement the EHS in proper manners. The suppliers expressed their satisfaction regarding the training and requested to arrange another. That’s why IDCOL will arrange another training on May 2016.

3. Onecommittee (Manufacturers & recyclers) meeting have been conducted for further EHS development

Observation report has been done for EHS compliance of three operational projects of AID - at Jhenaidah October 2016.

Outcome

Reporting

Annual Report 2016

89

Biogas to Electricity

Mini-Grid

Project component

Eleven appraisal report have been prepared for new upcoming project for board approval One appraisal report has been prepared

Assessment of the suitability of project site in respect of basic environmental and social aspects for each new commercial biogas project

Till to date, 9 projects have been approved by IDCOL and all of the projects in operational and ten new projects in appraisal stage.

Till to date, 25 projects have been approved by IDCOL. Eight of the projects in operational (Most of them got the environmental site clearance for DOE and environmental clearance is under process), rest of the projects are under construction phase.

Eight EA/ESIA report have been reviewed and finalized during year 2016. http://idcol.org/social/EIA_ Report_SuperStar_SolarMini-grid_ Manikganj.pdf

Outcome

Reporting

Assessment of the suitability of project site in respect of basic environmental and social aspects for each new minigrid project.

EA/ESIA report review

Monitoring Issue

Human Resource Management

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Annual Report 2016

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Human Resource Management Our Human Capital

We believe employees are the most important assets of our organization. Our employees are result oriented individuals, who uphold the values of the organization by being creative, open, respectful, ethical and passionate. Here talent is rewarded, ambition is stoked and pride is earned. The way we stand up for our people help us to stand out from the competition.

Reflection of the Past Years

Since its inception, IDCOL’s HR strategy focused on getting the right internal structures and processes in place, investing in employee development and engagement and supporting business growth and development. Getting the right internal structures and processes in place, IDCOL has seen rapid and significant growth over the past five fiscal years, with employee numbers increasing from 106 to 294. This increase generated a need for ensuring that the organizational structure and processes were fit to face the challenges and opportunities of the future.

Comparetive analysis of staff strength 400 350 346

300 250 200

50 0

159 106 Jun-11

Jun-12

Jun-13

Jun-14

Jun-15

Jun-16

Our category wise employee strength growth is shown below: Category wise Employee Strength Growth 250

228 204

200 150 100 43

50 0

4

4

19

14

31

Senior Mid Level Entry Level Adminitrative Quality Team Management Management Management Support Staff Jun-15

92

52

41

January To December-2016

Annual Report 2016

 Strategically Focused: We are strategically focused towards the vision of our organization and we work collectively for the best interests of the organization and the workforce.  Zero Tolerance of Corruption and Sexual Harassment: We maintain zero tolerance policy on corruption and sexual harassment. We guide our employees to be transparent in performing tasks while respecting the security of confidential and personal information entrusted to the Company.  Result Oriented: We are dedicated to quality, excellence and continuous improvement in our job and we work to ensure that the Company remains competitive in the market.  Professionalism: We adhere to high professional standards of competency and conduct and we act with honesty and integrity.  Accountability: We take full responsibility of our assigned tasks and we are accessible to answer anything related to our work.  Respectfulness: We are strongly guided by the norms and values of our Company and here we respect individual differences.

Strategic HR Management

197

150 100

294

260

Core Values at Work

It is our strategy to use integrated HR instruments throughout the organization to find, bind and support our employees. As a modern corporation, our policies are guided by the organizational targets as well as social and economic changes. We aim to remain flexible, close to the market and mobile to maintain the success of our employees. We are accordingly consistent while developing our employee’s skills and competencies. The mainstays of our HR management are talent management, performance management, rewards management, training and development, retention management and culture management. All these aspects are interlinked and thereby contribute to the overall IDCOL HR strategy.

Highlights of our People Practices Strategy At IDCOL, we work collectively to achieve organizational excellence by collaborating standard people practices. The highlights of our people practices strategy are given below:

1. A well balanced work place: Here employees are provided with a challenging, rewarding, enjoyable and fulfilling career; whereas employees are assisted in balancing their career, home and personal life through supportive human resource policies and management approaches. 2. A place for continuous learning and development: We foster learning as a way of life, encourage creativity and actively promote and invest in the skill and knowledge development of every employee. 3. A well reputed organization that ensures service excellence: We embrace best practices and we ensure service excellence by effectively managing change and objectively measuring performance for continuous improvement.

Recruitment: The Right People at the Right Place at the Right Time

Competitive Employee Benefits Package

Our total compensation package is one of the key factors to the success of our recruitment and retention activities. As an employer, we provide a strong mix of direct compensation and benefits which include: cash compensation, performance bonus, festival bonus, provident fund, gratuity, LFA, hospitalization benefit, group life insurance benefit.

Training and Development

Capacity building of our employees is one of the key priorities; hence we encourage and support our employees to develop their required skills through in house meeting, outdoor training, seminar and workshop. We also organize exposure visit programs for our employees at home and abroad and during exposure visit programs, we focus on transferring corporate specific know how and advancing each of our employee.

We believe that the successful recruitment of potential candidates is crucial in order to maintain a vibrant and proficient workforce. The flow diagram of our recruitment process is given below:

Workforce Requisition

Publish Vacancy Announcement on Leading Newspapers, Online Job Site

Shortlist CVs

Collect CVs

IDCOL Officials at 11th China Solar Energy Utilization Conference and Jinan, China

Career Development Conduct Written Test by a Reowned University

Viva Voce by Recruitment Committee

Hire Suitable Candidate

Flow Diagram of Recruitment Process At IDCOL, we recruit employees on the sole basis of the qualifications and abilities needed for the work to be performed. In this process any direct or indirect solicitation results disqualification of the candidature.

At IDCOL we offer lifelong learning opportunities to our employees by which they continue to learn and update their skills. By so doing, they become more productive to contribute to the competitiveness of our organization and also enhance their own employability. Lifelong learning and career development are therefore interdependent concepts and mean much more than just training. Thus, we promote lifelong learning program to our employees and aligned with that our career path guidelines allow them to move toward a personally determined and evolving preferred future.

Diversity Management

Diversity is about acknowledging and appreciating all the ways in which people differ, not just the obvious ones of gender, ethnicity and age, but also

Annual Report 2016

93

the less visible differences such as background, personality and work style. We believe diversity is a strategic success factor for our business and therefore, sustainable diversity management has become a crucial factor of our organization. We aim to achieve as much diversity as possible among the workforce so that homogenous groups of employees can work more productively. In order to promote such diversity, we systematically integrate all aspects of modern HR concepts. IDCOL thereby creates an attractive working environment that allows a balance between professional and personal life.

Hence, we conduct our operations with honesty, integrity, openness, and with respect for the human rights and interests of our employees. At IDCOL we leverage on the dynamics of our collective skills, knowledge and experience to achieve the best for the company. Our employees are guided to adopt best practices, methods and approaches in everything they do, so that we can remain competitive in the market. We take all allegations of harassment seriously, including sexual, communal etc. and prohibit all forms of discrimination. It is our belief that creating

IDCOL employees are playing different sports in Annual Retreat 2016

Vigorous Workplace

At IDCOL we respect dignity of the individual and right of employees to freedom of association.

a work environment that enables us to attract, retain and fully engage diverse talents leads to enhanced innovation and creativity in our services.

Birthday celebration program of IDCOL

94

Annual Report 2016

Well-being and Safety

We are committed to create a safe and healthy working environment for our employees. Hence we take into consideration circumstances related to work, such as working conditions and the environment. For this purpose, we organize numerous employee engagement programs for our employees, such as birthday celebration program, pahela boishak fish festival, annual retreat program etc.

The Year Ahead

Planning for our future and creating strategies is an emerging priority for us. The upcoming year will continue to be a time of change for our development. Specific goal and priority includes: 1. Adopting Best Practices: As we continue to move forward, we will be looking forward to exploring the market practices and adopting best practices for the Company and this process will continue with our journey. 2. Updating HR Technology: We will also focus on updating our existing HR technology in order to adapt global best practices and we will also strive to address gaps that still exist in our current system and procedures.

Annual Report 2016

95

Programs & Projects

96

Annual Report 2016

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FOR TOMO OW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO

Infrastructure & Public Private Partnership (PPP) 11.1% National Electricity Generation Power projects financed by IDCOL generates more than 1,665 MW of electricity

First Tourism Project Financing IDCOL financed Four Points Sheraton, Dhaka, a 149 key Marriot operated five star hotel at Gulshan

USD 250+ Million Investment in Conventional Power Generation An aggregate investment of USD 266 million has been made to 14 power plants, ranging from rental to IPP, engine based to combined cycle, HSD to natural gas

First PPP Project Financing IDCOL financed the first PPP office initiated project in healthcare sector of Bangladesh, which will provide low cost dialysis services to un-affording patients and affordable dialysis to affluent patients while ensuring the same service quality

Notable projects financed during the year:

Summit Barisal Power Limited, a 110 MW HFO fired power plant at Rupatali, Barisal

Sandor Dialysis Services Bangladesh Private Limited at the National Institute of Kidney Disease and Urology (NIKDU), first PPP project in healthcare sector of Bangladesh

Doreen Hotels and Resorts Limited, operating 149 key Four Points Sheraton Dhaka at Gulshan

LPG storage, bottling & distribution plant by Sena Kalyan Sangstha at Mongla, Bagerhat having storage capacity of 7,000 MT

98

Annual Report 2016

IDCOL continued its pivotal role in financing of infrastructure & Public Private Partnership (PPP) projects by providing long term multicurrency loan to medium & large scale projects like the previous years. The disbursement grew 43% over the last year from BDT 4.45 billion to BDT 6.34 billion and multiple sectors were focused compared to

usual concentration on power. Like many first of its kind project, IDCOL in this year has made its first investment to the tourism sector under social infrastructure category and to the first PPP office initiated project in Bangladesh. The comparative sector-wise financing has been shown through the following graphs:

Sector-wise Financing in 2015

Sector-wise Financing in 2016

Others 2%

Others 5%

Port 18% Tourism 26%

Health 1% Power 80%

Energy 7%

Power 61%

Similarly, the department’s loan portfolio grew 48% over the last year from BDT 11.14 billion to BDT 16.46 billion, which helps to increase its pie

in the company’s loan portfolio to 41% from the 31% in the previous year.

Loan Portfolio in 2015

Loan Portfolio in 2016

Infrastructure 31%

Renewable Energy 69%

Notably, the department earned an interest & fee income of BDT 738 million & BDT 99 million

Infrastructure 41%

Renewable Energy 59%

respectively in 2016, which was 53% & 18% higher over the same from the previous year.

Annual Report 2016

99

Renewable Energy 4.1 Million SHSs

44,500 Biogas Plants

The 4.1 million Solar Home Systems (SHS) installed under IDCOL SHS program provides clean electricity solution to 18 million rural people living in the off-grid areas of Bangladesh.

IDCOL has financed construction of over 44,000 domestic biogas plants which provides clean energy solution to more than 200,000 rural people of the country.

666 Solar Irrigation Pumps

9 Biogas Based Power Projects

IDCOL has approved 666 solar irrigation pumps of which 613 are already in operation.

IDCOL has financed 9 biogas based power plants, having total capacity of 618 KW.

25 Solar Mini Grids

2 Biomass Based Power Plants

IDCOL has approved financing for 25 solar mini-grid projects of which 9 are in operation and providing grid quality electricity in remote rural areas.

IDCOL financed two rice-husk based power plants having total capacity of 650 KW.

138 Solar Powered Telecom BTSs IDCOL has financed solar powered solution for 138 telecom BTSs in off-grid areas.

IDCOL Solar Home System (SHS) Program

people of Bangladesh. IDCOL SHS program has been acclaimed as the largest off-grid electrification program in the world. Till date, about 4.1 million SHSs have been installed under the program in the remote areas where electrification through gird expansion was challenging and costly. Thus, the program has ensured supply of solar electricity to 18 million people i.e. 12% of the country’s total population who previously used kerosene lamps for lighting purpose.

IDCOL started SHS program in January 2003 to fulfill basic electricity requirement of the off-grid rural

IDCOL initially received credit and grant support from the World Bank and GEF to start the program.

Solar Home System providing electricity in rural off-grid areas

Studying at night with help of Solar Home System

In its drive towards promoting alternative sources of energy, IDCOL finances projects and programs that utilize various forms of renewable sources. Through startup subsidy, concessionary credit, and capacity development support, IDCOL complements the Government’s mission of generating 5% of the country’s total electricity from renewable sources by 2015 and 10% by 2020.

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Later, GIZ, KfW, ADB, IDB, GPOBA, JICA, USAID and DFID came forward with additional financial support for expansion of the SHS Program At present, 56 Partner Organizations (POs) which are non-government organizations, micro-finance institutions, societies, foundations, and/or private entities are implementing the program. IDCOL provides subsidy and concessionary credit to the POs. IDCOL also provides necessary trainings and promotional support and ensure quality of the program. POs select customers, extend loan, install the systems, and provide after sale service. IDCOL’s total investment under the program is BDT 52,240 million (USD 696 million) out of which loan USD 600 million and grant USD 96 million. The program has so far saved consumption of 1.14 million tons of kerosene worth USD 411 million approx. In addition, in the next 15 years already installed 4.1 million SHSs will save consumption of another 3.6 million tons of kerosene worth USD 1,300 million. Moreover, the program has contributed towards development of local support industries and creation of more than 75,000 direct or indirect jobs. Due to SHSs, students now benefit from longer study hours at night in better lighting condition, small businesses enjoy extended operating hours, women feel more secured at night, and households suffer less from respiratory diseases. Information on education, health, safety and weather are also easily accessible through radio, television and mobile phones.

IDCOL Biogas & Bio-fertilizer Program

IDCOL Biogas & Bio-fertilizer Program helping domestic household of Bangladesh since 2006

IDCOL has been implementing its Biogas & Biofertilizer Program for domestic households in Bangladesh since 2006 with support from SNV Netherlands Development Organization, German Development Bank (KfW) and the World Bank.

Till March 2016, IDCOL has financed installation of approximately 44,500 biogas plants all over the country through its Partner Organizations which provides clean energy solution to around 200,000 beneficiaries. The Program has lowered usage of firewood by approximately 43,000 tons per year which is worth USD 3.7 million. Biogas plants not only provide gas for cooking but also produce organic fertilizer for crops in the form of bio-slurry. Bio-slurry is also an excellent food source for fish. Biogas plants constructed under the Program save approximately 38,000 tons of chemical fertilizer worth USD 9.2 million by generating around 260,000 tons of organic fertilizer each year. From 2014, IDCOL has launched fiberglass bio-digesters along with conventional brick-cement based biogas plants under the Program. Fiberglass bio-digesters can be relocated after installation, take less time to be deployed and can be fixed easily if damaged. Furthermore, they are factory made, do not require masonry during installation, and adverse weather conditions do not affect installation. IDCOL Biogas & Bio-fertilizer Program has led to creation of direct and indirect jobs at different levels, such as quality inspectors, masons, supervisors and loan recovery agents. Furthermore, it has developed small-scale support industries which are directed towards manufacturing appliances and stoves for biogas users.

Solar Irrigation Program

Solar Irrigation Program-an innovative, economic and environment friendly solution for the agro- based economy of Bangladesh

Solar based irrigation system is an innovative, economic and environment friendly solution for the agro- based economy of Bangladesh. The program is intended to provide irrigation facility to off-grid areas

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and thereby reduce dependency on fossil fuel. Till date, IDCOL has approved 666 solar irrigation pumps of which 613 are already in operation. The remaining pumps will come into operation shortly. IDCOL has a target to finance 50,000 solar irrigation pumps by 2025. The World Bank, KfW, GPOBA, JICA, USAID, ADB and Bangladesh Climate Change Resilience Fund (BCCRF) are supporting this initiative.

the digesters for generation of gas which, in turn, is used for generation of electricity. Establishment of biogas based electricity plants in the poultry farms reduces dependency on fossil fuel by running captive generators. This also ensures bio-security and proper litter management in these farms. Moreover, slurry produced in the digesters as byproduct is a good bio-fertilizer.

Solar Mini-grid Projects

Biomass Gasification based Power Projects

Solar PV based mini-grid project is installed in remote areas of the country where possibility of grid expansion is remote in near future. The project provides grid quality electricity to households and nearby village markets and thereby encourages

IDCOL provided concessionary loans and grant support to two rice-husk based power plants, first

Solar PV based Mini-Grid Project is installed in remote areas of the country where possibility of grid expansion is remote in near future

Rice-husk based Power Plant of Dreams; Power at Gazipur

commercial activities in the project areas. So far, IDCOL has approved financing for 25 mini-grid projects of which 9 are already in operation and 4 would be going into operation shortly. IDCOL has a target to finance 50 solar mini-grid projects by 2018. The World Bank, KfW, GPOBA, JICA, USAID, ADB and DFID are providing financing support in these projects.

Biogas Based Electricity Projects IDCOL has so far financed 9 biogas based power plants, the largest one having a capacity of 400kW. The plants uses poultry litters as feed material in

Biogas based power used in Poultry Firm. The Largest Biogas based plant has capacity of 400kW

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one with a capacity of 250 kW at Kapasia, Gazipur and the second one with a capacity of 400 kW at Thakurgaon. Both the plants use rice husk as fuel for power generation.

Solar Powered Solution for Telecom BTS IDCOL has financed solar powered solution for 138 telecom BTSs in off-grid areas of Bangladesh. With over 3,000 BTSs located in off-grid areas and many others suffering from frequent power outages, solar powered solutions provide a novel approach to provide continuous power to telecom BTSs, ensuring uninterrupted voice and data connectivity.

Solar powered BTS of Grameenphone Limited

Energy Efficiency BDT 4 Billion Financing Support

1 Million Improved Cook Stove (ICS)

IDCOL has earmarked BDT 4 billion as soft loan for investment in environment friendly brick kilns

More than 1 million Improved Cook Stove (ICS) have been installed under IDCOL ICS program saving 1.3 million ton fuel wood and reducing 2.2 million ton CO2 emission per year.

Green Brick Program To support the government’s initiative to gradually replace the country’s polluting FCK based brick

and children through promoting supply of higher efficiency cook-stoves. The program achieved the installation target of 1 million ICS in Bangladesh almost two years ahead of the project completion period and IDCOL is now planning next phase of the program with the aim of installing 4 million stoves during next five year period i.e. during 2017 to 2021.

Green Brick Program supporting government’s initiative to gradually replace the country’s polluting FCK based brick sector

sector with energy efficient and environment friendly ones, IDCOL launched its ‘Green Brick Program’ in 2013 with a plan to invest BDT 4 billion by 2017-18 for setting up modern brick kilns using latest state of the art technology. IDCOL provides long term concessionary financing to encourage potential sponsors to set up environment friendly brick kilns. In this regard, around BDT 1180 million has already been approved for 4 tunnel kiln and 1 HHK brick projects, with aggregate daily production capacity of 720,000 bricks. Most of the projects are expected to come into commercial operation shortly.

Improved Cook Stove Program Indoor Air Pollution (IAP) resulting from traditional cook stoves effects 138 million people in Bangladesh and contributes to 78,000 premature deaths per year. To tackle this situation, IDCOL with support from the World Bank started Improved Cook Stove (ICS) Program in 2013 with the objective to reduce the use of cooking fuel as well as to ensure reduction of Indoor Air Pollution (IAP) especially for women

Improved Cooked Stoves (ICS) reduces Indoor Air Pollution (IAP)

Others In addition to the Brick and ICS program, IDCOL has ventured into other energy efficiency sectors by financing an energy efficient PET Bottle recycling project. The project will produce around 13000 -15000 Metric Tons of plastic resins (i.e. food grade, fiber grade and flakes) each year and will sell the same at approximately 15~20% lower price compared to current market price. Moreover, IDCOL is keen to expand its energy efficiency financing in sectors like: BMRE or installation of energy efficient equipment in industries, non-fired bricks, paper and plastic recycling and other relevant sectors.

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Investment Advisory Trained 1400 Professionals

Supported 10 Delegation

IDCOL trained more than 1400 professionals under its Training and Capacity Building Program.

IDCOL supported more than 150 professionals from over 10 delegation around the world including Uganda, Sudan, Guinea, Ethiopia, Mali, Gambia, Niger, Senegal, Mauritania, Cambodia, Pakistan, Nepal, Thailand, UK, and Switzerland for implementing similar projects/ programs in their country.

Following its success in disseminating renewable energy in Bangladesh and expertise in financing infrastructure projects, IDCOL has established a dedicated advisory unit to provide knowledge support to various local/foreign institutions.

organizations and consulting firms. Till date, more than 1400 professionals have been trained under its Training and Capacity Building Program of IDCOL.

Training & Capacity Building Since 1999, IDCOL has been organizing various workshops, seminars and training courses for the capacity development of its industry stakeholders. So far, IDCOL has arranged 23 Project Finance, 18 Financial Modeling Training courses and various capacity development workshops such as Investment in Energy Efficient Brick Project, Financing Utility Scale Solar Project, and Industrial Energy Efficiency etc. The courses are designed for officials from government organizations, banks and financial institutions project sponsors and development companies, international

Corporate & Transaction Advisory Services IDCOL provides business related support services to its business partners based on specialized knowledge, best practices, and technology. So far IDCOL has provided advisory support to Bangladesh Infrastructure Finance Fund Limited (BIFFL), IDLC Finance Limited, and Acorn Infrastructure Services Ltd. (AISL), Green Energy Limited to provide investment advisory services, conduct financial, technical, legal, and environmental due diligences of infrastructure projects. In future IDCOL is planning to provide advisory services related to Debt and Equity Financing options, Business Valuation and Modeling, Corporate Restructuring, Mergers and Acquisition services etc.

Workshop on Individual Energy Efficiency organized by IDCOL

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Experience Sharing Program A number of emerging countries all over the world are interested to replicate IDCOL renewable energy model in their respective countries. Considering the huge demand in international market, IDCOL has started providing advisory services and on the job training on rural electrification and renewable energy program implementation to different

countries. So far, IDCOL has arranged Experience Sharing Program for 10 delegation teams from Uganda, Sudan, Guinea, Ethiopia, Mali, Gambia, Niger, Senegal, Mauritania, Cambodia, Pakistan, Nepal, Thailand, UK, and Switzerland. More than 150 senior government and private sector officials were trained under such program.

Experience Sharing Program by IDCOL for interested parties to replicate IDCOL renewable energy model

Green Financing by IDCOL Green financing refers to financial investments flowing into sustainable development projects and initiatives, environmental products, and policies that encourage the development of a more sustainable economy. Following the same thought Infrastructure Development Company Limited (IDCOL) has started its journey to contribute and create a more sustainable economy of Bangladesh. IDCOL is committed to help in ensuring economic development of the country and to improve the standard of living of the people through sustainable and environmental-friendly investments. Its renewable energy and energy efficiency projects/ programs are providing access to sustainable energy services for productive use primarily for people living in remote areas of Bangladesh and contributing to reduction of greenhouse gas emissions by reducing use of fossil fuels. IDCOL mainly finances Solar Home System (SHS), Solar irrigation, Solar mini-grid, Biogas based electricity, Biogas and bio-fertilizers Program and Grid-tied solar projects by sourcing fund from various donors. Each of the projects contribute towards the objectives by reducing carbon dioxide

emission, avoiding lock-in of long-lived high-carbon capital/infrastructure, increasing house-hold access to low emission energy. These as a result have millions of direct beneficiaries and help to increase the potentiality of Sustainable Development in the following ways:

Solar Home System (SHS) Program Solar Irrigation Pumps

Solar PV based Minigrid

IDCOL Green Financing Improved Cook Stoves (ICS) Program Biogas based Electricity Program

Household Biogas & Bio-fertilizer Program

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Solar Home System (SHS):  About 4.14 million SHSs have been installed till date providing better quality solar electricity to 18 million people who used kerosene lamps before as well as extra lighting hours at similar cost in the off-grid areas of Bangladesh.  Easy access to electricity ensures that students in the off-grid rural areas benefit from longer study hours and this substantially increased the number of completed school years. As a result, the country will have a better future as the future generation have increased chance of a better life and living standard.  The program reduced the consumption of kerosene substantially and thus decreased carbon dioxide emission. This has a positive effect on health as households now suffer less from respiratory diseases.  Solar electricity also benefits small business as they can enjoy extended operating hours and earn more revenue.  Rural women can now easily perform household chores and also feel secured during the night hours due to better lighting conditions.

Solar Irrigation:  321 solar irrigation pumps installed under IDCOL program are benefiting more than 9,800 farmers living in off-grid rural areas of Bangladesh which in turn contributes to food security through increasing agricultural yield during dry season/drought.  Having reliable electricity at the right time in the season means farmers’ cultivation costs are reduced, since less labor and less fertilizer are needed to prepare the land. Having the opportunity to irrigate the fields on time to increases productivity of land and ultimately boost yield of the farmers.  With proper availability of irrigation system, farmers can harvest vegetable more than twice during this season which was not possible before. Also irrigation charges offered by the sponsors are lower than that of diesel run pumps. Moreover, farmers have enough free time to do some other works. All these have helped improve their household income.  Through the replacement of diesel pump, the program also reduces government’s burden of fuel subsidy for the agriculture sector as well

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as for diesel imports, enabling increased public investment in other sectors such as health and education.  The rural women of Bangladesh besides performing household chores also actively help their husband in agriculture especially during land preparation and seed sowing as these became less burdensome. This allows women to participate more actively in incomegenerating and social activities, giving them a sense of empowerment.

Solar Mini-Grid:  Currently under IDCOL’s solar mini grid project rural beneficiaries are purchasing electricity by the means of a prepaid meter. This helps them better monitor their energy consumption and motivates them for energy conservation, thus reducing wastage.  Due to availability of grid quality electricity at an affordable rate, several educational institutions, health service centers and hospitals, major markets, computer service centers and several commercial enterprises are emerging in the remote off-grid areas, improving the lifestyle of communities.  With increased electrification and lightning, rural women will be more active in their daily chores after sundown, since it gives them an increased sense of security. Hence many female entrepreneurs are emerging in the remote areas of Bangladesh.  With the introduction of IDCOL’s prepaid meter system based solar mini grid service, the consumers who usually paid more for dieselpowered micro-grids are now accessing clean energy as per their need at a much lower cost.

Solar grid-tied projects:  Grid-tied solar projects will generate electricity using sunlight during day-time. It will not have any diesel generator or battery back-up and therefore, highly environment friendly.  A massive portion of Government’s subsidy on fossil fuel for electricity generation will be saved and national energy security will be sustained.  Substantial state-of-the art technologies from developed countries will be transferred, facilitating replication and ensuring that Bangladesh follow a low-carbon growth path.

Biogas & bio-fertilizer Program  The Program for household decreased the use of simple stoves burning biomass and coal and this reduced household air pollution. Therefore, children and women who spent most of the time in the house get relief from health problems.  The Biogas plants provide gas for cooking purpose which is lowering the usage of firewood and as a result reducing the probability of deforestation.  The by-product, slurry, generated from biogas plants is a rich source of organic fertilizer. Promoting use of organic fertilizer will reduce dependence on chemical fertilizer, contributing to improved soil fertility and food security.

Biogas based power generation:  Implementation of such projects will reduce potential environment hazards resulting from improper disposal of poultry, dairy and agriculture wastes.

 Establishment of biogas based electricity plants in the poultry farms reduced dependency on fossil fuel by running captive generators. This gives access to grid quality electricity at low cost.  The rice husks, a by-product produced out of paddy, can also be utilized for electricity generation through the gasification process

Improved Cook Stoves (ICS):  Children and women mostly live within the house whole day and they are the ones affected by the indoor air pollution. The implementation of the Improved Cook Stoves (ICS) program has helped reduce indoor air pollution and saved women and especially the children from health problems.  Use of ICS means 100% clean cooking solutions and this is bringing down the statistics of child death due to diseases caused by indoor air pollution.

 Market creation of bio-waste for electricity production, will diversify the source of income of rural households, as they can now earn extra revenue from agricultural and dairy waste.

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Corporate Social Responsibility

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CORPORATE SOCIAL RESPONSIBILITY Environment is one of the major concerns for IDCOL while providing financing support to any project. Before financing IDCOL assesses the environmental issues related to the project along with all other assessments and suggests the sponsors to take the necessary steps to address the issues. IDCOL follows a number of guidelines to ensure compliance with the Bangladesh Bank, Environment and Conservation Rules (ECR), 1997 of the Department of Environment and the Environmental and Social safeguard Framework (ESSF) of IDCOL established as per the requirements of the developing partners.

development of Bangladesh through financing of infrastructure and renewable energy projects. Apart from project financing, IDCOL through its Corporate Social Responsibility (CSR) activities is helping the deprived segment of the society. To strengthen the CSR activities, IDCOL Board has recently approved a CSR Policy which will help IDCOL to make a meaningful and measurable impact in socio-economic development of Bangladesh through support in the critical areas of development that require investments and intervention.

IDCOL as a premier development financial institution is always focusing on the socio economic

CSR Focus Areas The CSR policy focuses on the following areas: Education

Environment Preservation

Enhancing Vocational Training

Livelihood Enhancement and rural development

Preventive and curative healthcare

Humanitarian Relief

Education: IDCOL aims to contribute to improving and facilitating the literacy levels in various sections of the society, by providing support at every stage of a child’s educational cycle including but not limited to stipends for students from low income family in reputed academic and vocational training institutions, support towards upgrading of facilitates in academic and vocational institutions substantially engaged with students and trainees from the underprivileged rural and urban population segments and engaging with students and parents leading to development of a better community, livelihood enhancement projects, etc. Enhancing vocational training: In the areas of vocational training IDCOL aims to provide specialized and skill based training such as painting, plumbing, driving, construction and cleaning, electrical or electronic maintenance etc., to migrant workers or unemployed individuals to develop their skills, which will help to empower and enhance their ability for better employment and livelihood. Preventive and curative healthcare: In healthcare,

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Annual Report 2016

IDCOL aspire to deliver facilities to communities and other sections of the society in the form of assistance include grants toward costs of curative treatment of individual patients, towards costs of running hospitals and diagnostic centers engaged substantially in treatment of patients from underprivileged population segments and towards costs of preventive public health and hygiene initiatives like provision of safe drinking water, hygienic toilet facilitates for poor households and for floating population in urban areas and so forth. Environment preservation: IDCL aspire to develop the environment of the country through preservation of forestry which include but not limited to awareness program for the mass people about deforestation and its effect, teach people about importance of forestation in the environment and their role to save the forestation, funding research and innovations on environmental friendly projects and land preservation. Livelihood Enhancement and Rural Development: IDCL aims to develop the livelihood of rural people

through rural development. These initiatives can be facilitated through management of natural resources and creation of sustainable income sources through micro-finance and micro-enterprise development and strength mechanisms for alternative livelihood.

Humanitarian Relief: IDCOL may support relief efforts during natural and other calamities in Bangladesh.

CSR Activity during the Year Solar Home System donation

Blanket distribution

CSR In the year 2016, IDCOL as a part of Corporate Social Responsibility (CSR) extended a hand to help people of the Northern region to fight against this cold winter. IDCOL distributed 3,600 blankets worth of BDT 10 lakhs to the cold-stricken people of the Northern region on 29th November 2016

and around 3,300 blankets were distributed among the extremely poor, landless people of the Saghata & Fulchori upazilla of Gaibandha district. The rest of the blankets were distributed among the orphan children of Shishu Shargo Foundation in Panchgarh district.

IDCOL employees handing over blankets to the cold stricken people of Gaibandha district.

In continuation of its CSR activities, IDCOL donated 500 W Solar Home System (SHS) to Local Education and Economic Development Organization (LEEDO) to support the noble motive of the organization to nurture and take care of the most vulnerable and homeless orphan street children. Through LEEDO and similar kind of organizations, IDCOL aims to continue to support and aid the growth of the future generation of this country.

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Financial Highlights

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Annual Report 2016

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TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR 113 TOGETHER FOR TOMO Annual Report 2016TOGETHER FOR TOMORROW OR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOMORROW TOGETHER FOR TOMO OR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO

VALUE ADDED STATEMENT For the year ended December 31, 2016

Value added is the wealth IDCOL has created through extending loans and various services. The value added statement shows the total worth created and how the same was distributed to meet various obligations and reward those responsible for its creation. A portion also retained in the business for continued operation and expansion of IDCOL. 2016 Amount (Taka)

Particulars

%

2015 Amount (Taka)

%

Value added Net interest income Fees earned Investment income Other income Operating expense except salary & allowances, depreciation Provision for loan, advances & investments Total value added by the company

2,588,018,681 156.25% 203,918,130 12.31% 0.00% 178,332,691 10.77% (92,404,100) -5.58%

2,755,169,675 105.17% 125,291,906 4.78% 0.00% 69,995,070 2.67% (97,040,087) -3.70%

(1,221,486,568) 1,656,378,834

-73.74% 100%

(233,704,969) 2,619,711,595

-8.92% 100%

102,773,649

6.20%

87,462,995

3.34%

200,000,000 -

12.07% 0.00%

100,000,000 -

3.82% 0.00%

1,141,929,498

68.94%

1,150,484,632

43.92%

197,871,235 13,804,452 1,656,378,834

11.95% 0.83% 100%

1,266,139,606 15,624,361 2,619,711,595

48.33% 0.60% 100%

Distribution of Value added Employees As salary & allowances Provider of Capital Dividend to ordinary shareholders Dividend to preference shareholders Government Income tax Expansion and business growth Retained earnings Depreciation & amortization Total distribution Distribution of Value Added (%) 2016 Expansion and business growth 12.78%

Employees 6.20%

Distribution of Value Added (%) 2015 Employees 3.34%

Provider of Capital 3.82%

Provider of Capital 12.07%

Government 68.94%

114

Annual Report 2016

Expansion and business growth 48.93%

Government 43.92%

ECONOMIC VALUE ADDED (EVA) STATEMENT One of the most useful performance measurements to account for the ways in which business value can be added or lost is Economic Value Added or EVA. Another term for this metric is Economic Profit. Economic Value-Added is the surplus generated by an entity after meeting an equitable charge towards providers of capital. It is the post-tax return on capital employed (adjusted for the tax shield on debt) less the cost of capital employed. Companies which earn higher returns than cost of capital create value, and companies which earn lower returns than cost of capital are deemed harmful for shareholder value. EVA has been calculated by the following formula: EVA = Net Operating Profit - Taxes - Cost of Capital Amount in BDT

Particulars

2016

2015

Net operating profit

2,761,287,301

2,750,329,207

Tax expense

1,141,929,498

1,150,484,632

Net operating profit after tax (NOPAT)

1,619,357,803

1,599,844,575

7,358,116,773

4,951,373,733

2.94%

2.94%

216,328,633

145,570,388

1,403,029,170

1,454,274,188

Shareholder’s equity

5,970,954,645

5,673,083,410

Accumulated provision for doubtful accounts and future losses

2,091,085,562

981,109,929

Average shareholders’ equity

7,358,116,773

4,951,373,733

Charges for capital Capital employed Average cost of capital (%) Capital Charge Economic Value Added

Capital employed as on June 30

Average shareholders' equity 48.61% 8,000

2,000

7,358

4,000 3,000

1,000 500

2,000 1,000 -

1,500

BDT in million

4,951

2015

Year

2016

-

1,500

1,619

1,600 BDT in million

BDT in million

5,000

3.52%

1.22%

7,000 6,000

Economic Value Added

Net operating profit after tax (NOPAT)

1,454

1,403

1,200 900 600 300

2015

Year

2016

-

2015

Year

Annual Report 2016

2016

115

Statement on Financial Statements by CEO and CFO The financial statements of the Infrastructure Development Company Limited (IDCOL) are prepared in compliance with International Accounting Standards (IAS)/Bangladesh Accounting Standards (BAS)/ International Financial Reporting Standards (IFRS)/ Bangladesh Financial Reporting Standards (BFRS) and other applicable laws, rules and regulations. The estimates and judgments related to the financial statements were made on a prudent and reasonable basis, in order for the financial statements to reveal a true and fair view. The form and substance of transactions and the Company’s state of affairs reasonably presented. To ensure this, the Company has taken proper and adequate care in installing a system of internal control and accounting records. Our internal auditors have conducted periodic audits to provide reasonable assurance that the established policies and procedures of the Company were consistently followed. However, there are inherent limitations that should be recognized in weighing the assurance provided by any system of internal controls and accounting.

In this regard, we also certify to the Board that(i)

We have reviewed financial statements for the year and that to the best of our knowledge and belief: a)

these statements do not contain any materially untrue statement or omit any material fact or contain statements that might be misleading;

b)

these statements together present a true and fair view of the Company’s affairs and are in compliance with existing accounting standards and applicable laws.

(ii) There are, to the best of knowledge and belief, no transaction entered into by the Company during the year which are fraudulent, illegal or violation of the Company’s code of conduct. (iii) Proper books of account as required by law have been kept by the Company; (iv) The expenditure incurred was for the intended purposes of the Company’s business and projects; (v) Adequate provisions have been made for loans and advances and other assets which are, in our opinion, doubtful of recovery.

Chief Financial Officer

116

Annual Report 2016

Executive Director & CEO

Key Operating and Finanancial Highlights Particulars

2012-13

2013-14

2014-15

2015

2016

Financial Performance (BDT million): Long-term Investment

400

-

-

-

-

Short term Investment

9,337

13,932

22,111

24,900

27,069

Loan Portfolio

24,513

29,115

35,973

36,964

41,017

Power

2,904

3,850

9,612

9,282

12,320

82

101

96

95

844

Telecommunication

968

434

593

490

92

IT and services

299

229

139

139

350

20,074

24,261

25,177

25,746

24,490

186

239

355

1,211

2,921

Total assets

37,240

48,843

62,453

66,980

73,028

Total Liabilities

34,431

44,737

57,213

61,307

67,057

Ports

Renewable Energy Others

Total equity

2,793

4,106

5,240

5,673

5,971

10,599

18,216

23,542

26,245

27,160

Total Revenue

2,851

3,870

4,097

4,324

4,509

Operating income

2,123

2,826

2,825

2,950

2,970

Operating expenses

156

135

170

200

209

Financial expenses

727

1,044

1,272

1,373

1,539

Profit before provision & tax

1,968

2,691

2,656

2,750

2,761

Net profit after tax

1,035

1,453

1,294

1,366

398

11.33

10.17

10.06

9.86

10.35

84.97%

85.45%

84.42%

83.48%

84.61%

Current ratio (Times)

11.51

11.93

9.53

8.44

13.97

Return on assets (%)

2.78%

2.97%

2.07%

2.04%

0.54%

Return on Investment (%)

4.16%

4.99%

3.60%

3.70%

0.97%

Return on shareholders’ equity (%)

37.07%

35.38%

24.70%

24.08%

6.66%

Profit Margin (%)

36.31%

37.54%

31.59%

31.54%

8.82%

7.35%

4.78%

6.00%

6.78%

7.04%

20.71

29.05

25.88

27.32

7.96

0.81%

0.80%

1.58%

6.22%

9.45%

17,200,000

26,000,000

38,500,000

50,000,000

50,000,000

Paid up Capital (BDT million)

1,720

2,600

3,850

5,000

5,000

Shareholders’ equity (BDT million)

2,793

4,106

5,240

5,673

5,971

Net current assets Operational Performance (BDT million):

Financial Ratios: Debt equity ratio (Times) Debt ratio (%)

Opex as % of Operating Income Earnings per share (BDT) % of Classified Loans Equity Statistics: Number of shares (No.)

Annual Report 2016

117

Key financial and operating highlights of IDCOL 1. Financial position of the company: Total Assets 80,000 62,453

60,000

66,980

40,000 37,240 30,000 20,000 -

2012-13

2013-14

2014-15

Year

40,000

35,973

35,000 30,000 25,000

2015

Loan Portfolio

45,000

4,106

4,000 3,000

2,793

2,000

-

2016

2012-13

2013-14

2014-15 Year

2015

2016

Sector wise Loan Portfolio

41,017 36,964

Others 7.12%

Power 30.04%

29,115 24,513

20,000

Ports 2.06%

15,000

Telecommunication 0.22%

10,000 5,000 -

5,971

1,000

10,000

BDT million

5,673

5,240

5,000

48,843

50,000

6,000

73,028

BDT million

BDT million

70,000

Shareholders' Equity

7,000

2012-13

2013-14

2014-15

2015

2016

Year

IT and services 0.85%

Renewable Energy 59.71%

2. Operating performance of the company: Operating Income

3,500 3,000

2,825

2,970

2,123

2,000 1,500 1,000

2012-13

2013-14

2014-15

Year

2015

2016

Profit

3,000

2,691

2,656

2,750

2,761

BDT million

2,500 2,000

1,968 1,453

1,500 1,000

1,294

1,366

1,035 398

500 -

118

200

200 150

156

209

170 135

100 50

500 -

250

BDT million

BDT million

2,500

2,826

Operating Expense

2,950

2012-13

2013-14 2014-15 Year Profit before provision & tax

Annual Report 2016

2015

2016

Net profit after tax

-

2012-13

2013-14

2014-15

Year

2015

2016

Revenue-2016 0.16%

Interest Income-2016

3.96% 0.83%

2.19% 2.28%

1.63% 0.01%

Interest on loans and advances

Infrastructure Projects

Interest on balance with Banks & FIs

Solar Home Systems Program

31%

Fees income from RE

Biogas Program

Fees income from Infra

39%

Fees income from advisory services

53%

Other Renewable Energy projects

67%

Empoyee Car Loan & Home Loan

Other operating income

3. Financial Ratios: Return on Assets

4.99%

3.50% 3.00%

Return on Investment

6.00%

2.78%

5.00%

2.97%

4.16% 3.60%

4.00%

2.50%

2.07%

2.00%

2.04%

3.70%

3.00%

1.50%

2.00%

1.00% 0.54%

0.50% 0.00%

2012-13

2013-14

2014-15

Year

2015

2016

0.97%

1.00% 0.00%

2012-13

2013-14

Return on Equity 40.00%

37.07%

35.00%

24.70%

25

24.08%

29.05 25.88

10.00%

6.66%

5.00%

20.71

2012-13

2013-14

2014-15

2015

2016

7.96

10 5 0

2012-13

2013-14

Year

Opex as % of Operating Income 7.35%

7.00%

6.00%

6.00%

6.78%

7.04%

4.00% 3.00% 2.00% 1.00% 0.00%

2012-13

2013-14

2014-15

Year

2015

2016

Classified Loans

4.78%

5.00%

2014-15

Year

9.00% 8.00%

27.32

15

15.00%

10.00%

2016

20

20.00%

0.00%

2015

35 30

25.00%

Year

EPS

35.38%

30.00%

2014-15

2015

2016

10.00% 9.00% 8.00% 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00%

9.45%

6.22%

0.81%

0.80%

2012-13

2013-14

1.58%

2014-15

Year

2015

Annual Report 2016

2016

119

Auditor’s Report and Audited Financial Statements

120

Annual Report 2016

OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FOR TOMORROW TOGETHER FOR 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FOR TOMORROW TOMORROW TOGETHER FOR TOMO Limited as on 31 FOR December 2016, and ofTOGETHER its FOR OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FORfinancial TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO performance itsFOR cash flows for the year than OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW and TOGETHER TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FORended TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FORAccounting TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO in accordance with Bangladesh OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FORStandards TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO (BASs), Companies Act, TOGETHER 1994FORand other OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FORapplicable TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO laws and regulations. OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO OMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMORROW TOGETHER FOR TOMO

Annual Report 2016

121

Auditor’s Report To the Shareholders of Infrastructure Development Company Limited

We have audited the accompanying financial statements of Infrastructure Development Company Limited (“IDCOL” or the “Company”), which comprise the balance sheet as at 31 December 2016 and the profit and loss account, statement of changes in equity, cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statement

Management of IDCOL is responsible for the preparation and fair presentation of these financial statements in accordance with Bangladesh Financial Reporting Standards (BFRSs), and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Bangladesh Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements give a true and fair view of the financial position of Infrastructure Development Company Limited as at 31 December 2016, and of its financial performance and its cash flows for the year then ended in accordance with Bangladesh Financial Reporting Standards (BFRSs), as explained in Note 2.

122

Annual Report 2016

Report on Other Legal and Regulatory Requirements

The financial statements comply with the Company’s Act 1994, Financial Institution Act 1993, rules and regulation issued by Bangladesh Bank and other applicable laws and regulations. We also report that: i. we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit and made due verification thereof; ii. in our opinion, proper books of account as required by law have been kept by the company so far as it appeared from our examination of those books; iii. the Company’s statement of financial position and statement of comprehensive income dealt with by the report are in agreement with the books of account; iv. the expenditure incurred and payments made were for the purpose of the company’s business; v. the financial position of the Company as at 31 December 2016 and the profit for the year then ended have been properly reflected in the financial statements and these financial statements have prepared in accordance with the generally accepted accounting principles; vi. the financial statements have been drawn up in conformity with the Financial Institutions Act 1993 and in accordance with the accounting rules and regulations issued by the Bangladesh Bank to the extent applicable to the company; vii. adequate provisions have been made for loan and advances and other assets which are, in our opinion, doubtful of recovery; viii. the information and explanations required by us have been received and found satisfactory; ix. the company has complied with relevant laws pertaining to reserves and found satisfactory; x. the financial statements of the Company conform to the prescribed standards set in the accounting regulations issued by Bangladesh Bank after consultation with the professional accounting bodies of Bangladesh; and xi. we have reviewed over 80% of the risk weighted assets of the Company and we spent over 950 man hours for the audit of books and accounts of the Company.

Hoda Vasi Chowdhury & Co Chartered Accountants Dhaka, 30 April 2017

Infrastructure Development Company Limited Balance Sheet as at December 31, 2016

Notes

Amount in Taka 31-Dec-16

31-Dec-15

PROPERTY AND ASSETS Cash

3

Cash in Hand Balance with Bangladesh Bank and its agent bank Balance with other banks and financial institutions

4

In Bangladesh Outside Bangladesh

186,829,878

33,677,951

5,617

3,623

186,824,261

33,674,328

29,177,573,149

26,409,399,009

29,177,573,149

26,409,399,009

-

-

Money at call and short notice

5

-

-

Investments

6

-

-

Government securities

-

-

Others

-

-

41,016,574,846

36,963,589,123

41,016,574,846

36,963,589,123

-

-

Loans and advances Loans, cash credit, overdraft etc.

7

Bill purchased and discounted Fixed assets including land, building, furniture and fixtures

8

70,565,667

65,719,507

Other assets

9

2,576,354,164

3,507,397,043

Non-banking assets Total assets

-

-

73,027,897,701

66,979,782,633

61,790,494,782

55,911,835,122

LIABILITIES & CAPITAL Liabilities: Borrowings from other banks and financial institutions

10

Deposit and other accounts Other liabilities

11

Total liabilities

5,266,448,272

5,394,864,107

67,056,943,055

61,306,699,229

5,000,000,000

5,000,000,000

-

-

Capital/Shareholders’ equity: Paid-up Capital Statutory reserve Retained earnings Total shareholders’ equity Total liabilities and shareholders’ equity

12

970,954,645

673,083,410

5,970,954,645

5,673,083,403

73,027,897,701

66,979,782,633

Annual Report 2016

123

Off Balance Sheet Items Off Balance Sheet Items as at December 31, 2016 Notes

Amount in Taka 31-Dec-16

31-Dec-15

Contingent Liabilities:

-

-

Acceptances and Endorsements

-

-

Letters of Guarantee

-

-

Irrevocable Letters of Credit

-

-

Bills for Collection

-

-

Other Contingent Liabilities

-

-

Other commitments:

-

-

Documentary credit and short term trade-related transactions

-

-

Forward assets purchased and forward deposits placed

-

-

Undrawn note issuance and revolving underwriting facilities

-

-

Undrawn formal standby facilities, credit lines and other commitments

-

-

Total Off-Balance Sheet Items

-

-

119

113

Net Asset Value (NAV) per share The annexed notes 1-33 form an intregal part of these statements.

Chairman

Director

Director

Executive Director & CEO

Company Secretary

As per our report of even date.

Dhaka, 30 April 2017

124

Annual Report 2016

Hoda Vasi Chowdhury & Co Chartered Accountants

Infrastructure Development Company Limited Profit and Loss Account for the year ended December 31, 2016 Notes Operating income Interest income less: Interest on deposits, borrowings etc Net interest income Investment income Fees, Commission & brokerage Other operating income Total operating income (A) Operating expenses Salaries and allowances Rent, taxes, insurance, electricity etc. Legal expenses Postage, stamp, telecommunication etc. Stationery, printing, advertisement etc. Chief Executive’s salary and fees Directors’ fees Auditors’ fees Depreciation and repair of Company’s assets Other operating expenses Charges on loan losses Total operating expenses (B) Profit/(Loss) before provision & Tax (C) = (A - B) Provision for loans and advances Total provision (D) Net profit/(loss) before Tax (E)=( C -D) Tax expenses Net profit/(loss) after tax

14 15 16 17 18

19 20 21 22 23 24 25 26 27 28 29

30

31

Appropriation: Statutory reserve General reserve Retained surplus Earnings Per Share (EPS)

Amount in Taka Jan-Dec 2016 Jan-Dec 2015 4,126,765,790 1,538,747,109 2,588,018,681 203,918,130 178,332,691 2,970,269,502

4,128,410,561 1,373,240,886 2,755,169,675 125,291,906 69,995,070 2,950,456,651

73,922,684 5,564,417 3,508,043 925,320 13,496,365 11,038,781 1,153,213 304,750 13,804,452 85,264,176 208,982,201 2,761,287,301 1,221,486,568 1,221,486,568 1,539,800,733 1,141,929,498 397,871,235

64,414,979 5,251,058 368,000 1,274,783 9,667,720 10,634,546 1,230,500 454,354 15,557,695 91,273,808 200,127,443 2,750,329,207 233,704,969 233,704,969 2,516,624,238 1,150,484,632 1,366,139,606

397,871,235

1,366,139,606

7.96

27.32

32

The annexed notes 1-33 form an integral part of these financial statements.

Chairman

Director

Director

Executive Director & CEO

Company Secretary

As per our report of even date. Dhaka, 30 April 2017

Hoda Vasi Chowdhury & Co Chartered Accountants

Annual Report 2016

125

Infrastructure Development Company Limited Cash Flow Statement for the year ended December 31, 2016 Amount in Taka Jan-Dec 2016 Jan-Dec 2015 A.

Cash flows from operating activities Interest received Interest paid Fees and commission received Paid to employees and suppliers Receipts from other operating activities Cash generated from operating activities before changes in operating assets and liabilities

4,126,765,790 (1,538,747,109) 203,918,130 (193,621,511) 169,182,874 2,767,498,174

4,128,410,561 (1,373,240,886) 125,291,906 (190,695,319) 59,802,655 2,749,568,916

21,576,577 (1,144,202,528) (228,792,324) (4,164,496,657) 49,018,866 171,521,094 (237,361) 12,139,909 (5,283,472,423) (2,515,974,249)

24,643,830 (1,118,145,380) (160,968,285) 66,666 (5,328,275,778) 235,912,654 (40,849,556) (11,572,443) (6,399,188,293) (3,649,619,377)

(1,359,341) (1,359,341)

(1,095,760) 1,800,000 704,240

5,878,659,660 (440,000,000) 5,438,659,660

6,903,742,110 6,903,742,110

2,921,326,073 26,443,076,960 29,364,403,027

3,254,826,972 23,188,249,993 26,443,076,960

5,617 186,824,261 29,177,573,149 29,364,403,027

3,623 33,674,328 26,409,399,009 26,443,076,960

(Increase)/decrease in operating assets and liabilities Decrease /(Increase) advances, deposits and prepayments Decrease /(Increase) advances income tax Decrease /(Increase) accounts receivables Decrease /(Increase) deferred expenses Decrease /(Increase) Loans and advances Increase / (Decrease) interest suspense account Increase / (Decrease) payables and accrued expenses Increase / (Decrease) Unearned Revenue- Monitoring Fees Increase / (Decrease) employees’ gratuity fund Net cash flows from operating activities B.

Cash flows from investing activities Acquisition of fixed assets Proceeds from sale of assets Net cash flows from investing activities (B)

C.

Cash flows from financing activities Loan from Government of Bangladesh Dividend paid Net cash flows from financing activities

D E F

Net increase in cash and cash equivalents (A+B+C) Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year (D+E) Cash and cash equivalents at end of the year Cash in hand (including foreign currencies) Money at call and short notice Balance with Bangladesh Bank and its agent banks Balance with other banks and financial institutions

126

Annual Report 2016

Infrastructure Development Company Limited Statement of Changes in Equity for the year ended December 31, 2016 Amount in Taka Retained earnings

Total shareholders’ equity

-

673,083,410

5,673,083,410

-

-

-

-

5,000,000,000

-

673,083,410

5,673,083,410

Increase/Decrease of revaluation of properties

-

-

-

-

Increase/Decrease of revaluation of investment

-

-

-

-

Currency transaction differences

-

-

-

-

Net gains and losses not recognized in the income statement

-

-

-

-

Net profit for the year

-

-

397,871,235

397,871,235

Bonus shares

-

-

-

-

Cash dividend

-

-

(100,000,000)

(100,000,000)

Statutory Reserve

-

-

-

-

5,000,000,000

-

970,954,645

5,970,954,645

Paid up Capital

Statutory Reserve

Retained earnings

Total shareholders’ equity

Balance as at 01 January 2015

3,850,000,000

-

636,943,802

4,486,943,802

Changes in accounting policy

-

-

-

-

3,850,000,000

-

636,943,802

4,486,943,802

Increase/Decrease of revaluation of properties

-

-

-

-

Increase/Decrease of revaluation of investment

-

-

-

-

Currency transaction differences

-

-

-

-

Net gains and losses not recognized in the income statement

-

-

-

-

Net profit for the year

-

-

1,366,139,606

1,366,139,606

1,150,000,000

-

(1,150,000,000)

-

Cash dividend

-

-

(180,000,000)

(180,000,000)

Statutory Reserve

-

-

-

-

5,000,000,000

-

673,083,410

5,673,083,408

Paid up Capital

Statutory Reserve

Balance as at 01 January 2016

5,000,000,000

Changes in accounting policy

Particulars

Balance

Balance as at 31 December 2016

Particulars

Balance

Bonus shares

Balance as at 31 December 2015

Annual Report 2016

127

128

Annual Report 2016 -

Other Accounts

Provision and other liabilities

Total liabilities

2,783,497,361

-

Deposits

Net Liquidity Gap

-

2,783,497,361

Borrowings from Government of Bangladesh

Liabilities:

Total assets

-

373,167

Other assets

Non-banking assets

-

Fixed assets

487,742,250

-

Investments

Loans and advances

-

2,108,552,066

Balance with other banks and financial institutions

Money at call and short notice

186,829,878

-

7,235,866,044

391,765,094

127,446,565

-

-

264,318,529

7,627,631,138

-

6,340,056

-

1,737,791,082

-

-

5,883,500,000

Taka

Taka

Cash in hand (including balance with Bangladesh Bank)

Assets:

1 - 3 months

Up to 01 month

-

23,250,847,536

5,243,318,672

1,967,292,009

-

-

3,276,026,662

28,494,166,208

-

2,318,272,297

-

7,425,372,828

-

-

18,750,521,083

Taka

3 - 12 months

as at December 31, 2016

(Asset and Liability Maturity Analysis)

Liquidity Statement

-

9,130,170,070

18,021,451,743

607,513,803

-

-

17,413,937,940

27,151,621,812

-

226,463,957

-

24,490,157,855

-

-

2,435,000,000

Taka

1 - 5 years

-

-

-

-

(36,429,426,363)

43,400,407,548

2,564,195,898

-

-

40,836,211,650

6,970,981,185

-

24,904,687

70,565,667

6,875,510,831

Taka

More than 5 years

Infrastructure Development Company Limited

5,970,954,647

67,056,943,056

5,266,448,275

-

-

61,790,494,781

73,027,897,701

-

2,576,354,164

70,565,667

41,016,574,846

-

-

29,177,573,149

186,829,878

Taka

Total

Infrastructure Development Company Limited Notes to the financial statements for the year ended December 31, 2016

1. Background: 1.1 Legal Status and nature of the company:

The Infrastructure Development Company Limited (IDCOL), a non-bank financial institution, was incorporated in Bangladesh on May 14, 1997 as a government owned public limited company under the Companies Act 1994. The Company was licensed by Bangladesh Bank as a non-bank financial institution (NBFI) on January 5, 1998. The registered office of the Company is located at UTC Building, Level-16, 8 Panthapath, Kawranbazar, Dhaka-1215.

1.2 Principal activities: Since inception, IDCOL is playing a major role in bridging the financing gap for developing medium and large-scale infrastructure and renewable energy projects in Bangladesh. The company now stands as the market leader in private sector energy and infrastructure financing in Bangladesh. The primary objective of the company is to promote significant participation of the private sector in investment and operation, ownership and maintenance of new infrastructure facilities.

Infrastructure Projects IDCOL provides long-term debt financing to viable privately-owned and operated infrastructure projects. To be eligible for IDCOL funding, projects must be included in the GoB’s priority sector and use proven technology. Infrastructure sectors in the current priority sector include power generation telecommunications, information and communication technology, ports, social infrastructure, gas and gas related infrastructure, water supply, toll roads and bridges, shipyards and shipbuilding, hotel and tourism, mass transportation systems, urban environmental services etc.



Renewable Energy Projects Under renewable energy program, IDCOL is implementing projects in four major areas- solar home systems (SHS), domestic biogas plants, improved cook stoves (ICS), and small-scaled renewable energy based power plants.



IDCOL started its SHS Program in 2003 with an initial target to finance 50,000 SHSs with financial assistance from the World Bank and GEF. Subsequently, a number of development partners participated in the program by providing refinancing and grant support. IDCOL provides soft loans and channels grants for the development of rural infrastructure, i.e. renewable energy. Under the program, IDCOL has a target to finance 6 million Solar Home Systems (SHS) by 2021. IDCOL’s SHS Program is one of the fastest growing off-grid renewable energy program in the world. It has brought significant change in lives in remote rural areas of Bangladesh through providing access to electricity.



IDCOL has been implementing Biogas Program in Bangladesh since 2006. Initially, the program started as National Domestic Biogas and Manure Program (NDBMP) with the support from SNV, Netherlands Development Organization and KFW, German Development Bank. In 2012, the World Bank also joined to support the program under its Household Energy Initiatives. With the support from KFW and the World Bank, IDCOL restructured the Program in 2013. Under this program, IDCOL has a revised target to install 60,000 domestic size biogas plants in Bangladesh by 2018.



IDCOL launched the ‘Improved Cook Stove (ICS) Program’ in May 2013 with the initial target to install 1 million ICSs across the country by 2018. Under the program, IDCOL provides institutional development grant and technical assistance to its partner organizations (POs). IDCOL’s principal objective is commercialization of ICS, which would allow the ICS market to develop and flourish after the completion of the Program.



Besides, IDCOL has been financing various small-scaled renewable energy projects including solar PV based irrigation pumps, solar PV based micro-grid projects, biomass gasification based power projects, biogas based power plants, solar powered solution for telecom BTS etc. IDCOL has a target to finance 1,550 solar irrigation pumps, 50 solar based mini-grid and 60 biogas and biomass based power projects by 2018.



Corporate Advisory Services IDCOL has established an advisory wing to provide knowledge support to various local/foreign institutions

Annual Report 2016

129

on infrastructure projects, renewable energy projects, public private partnership, etc. IDCOL has already provided advisory services to delegates from Ethiopia, Ghana, Sudan, Guinea and Uganda on renewable energy. In addition, IDCOL signed two different Memorandums of Understanding (MoU) with the Bangladesh Infrastructure Finance Fund Limited (BIFFL) and IDLC Finance Limited to provide necessary support in project due diligence and another one with to provide advisory services to design and launch new financial products for the suppliers under IDCOL Solar Home System (SHS) Program, respectively. Till date, IDCOL trained more than 1,400 professionals from local banks and businesses in twenty three training courses on project finance, eighteen courses on financial modelling, and four special courses for capacity building. 1.3 Resources IDCOL has access to resources provided by the World Bank (WB), Asian Development Bank (ADB), Japan International Cooperation Agency (JICA), German Development Bank (KFW), Department for International Development (DFID), Islamic Development Bank (IDB), German Development Cooperation (GIZ), United States Agency for International Development (USAID), SNV-Netherlands Development Organization, and the Government of Bangladesh (GoB) to place in projects across a range of infrastructure and renewable energy projects.

2.

Significant Accounting Policies and Basis of Preparation

2.1 Basis of accounting The financial statements of the Company have been prepared under historical cost convention in accordance with generally accepted accounting principles as laid down in the International Financial Reporting Standards (IFRS) applicable to the company as adopted by the Institute of Chartered Accountants of Bangladesh as Bangladesh Financial Reporting Standards (BFRS). The reported financial statements, i.e. Balance Sheet, Profit and Loss Account, Statement of Changes in Shareholder’s Equity and Cash Flow Statement were prepared by capturing the transactions of Infrastructure Development Company Limited. The financial statements of projects accounts are being maintained and prepared separately showing movement of funds, i.e. loans and grants received from various donors, lenders, etc., realization of principal and interest from borrowers, loan and grants disbursed to borrowers, repayment of loans to donors, lenders, etc. These projects accounts are being audited and reported separately. The consolidated movement of funds of these projects are shown in note # 33. 2.2 Statement of compliance The financial statements of IDCOL are prepared in accordance with Bangladesh Financial Reporting Standards (BFRS) and the requirements of the Financial Institution Act 1993, the rules and regulations issued by Bangladesh Bank and the Companies Act 1994. In case any requirement of the Financial Institution Act 1993, and provisions and circulars issued by Bangladesh Bank differ with those of BFRS, the requirements of the Financial Institution Act 1993, and provisions and circulars issued by Bangladesh Bank shall prevail. 2.3 Other comprehensive income BFRS: As per BAS 1 elements of Other Comprehensive Income (OCI) can be presented in a separate statement i.e. Other Comprehensive Income or can be included in a single Statement of Comprehensive Income.

Bangladesh Bank: The scheduled banks and financial institutions in Bangladesh have been using certain prescribed templates of financial statements (including names of those financial statements) issued by Bangladesh Bank. Those templates do not include ‘Other Comprehensive Income’ nor are the elements of OCI allowed to be included in a Single Comprehensive Income Statement (Profit & Loss Account, as per BB format). As such the banks and financial institutions does not prepare a separate OCI Statement. However elements of OCI, if any, are shown in the statements of changes in equity.

2.4 Cash flow statement BFRS: The Cash Flow Statement can be prepared using either the direct method or the indirect method. The presentation is selected to present these cash flows in a manner that is most appropriate for the business or industry. The method selected is applied consistently.

130

Bangladesh Bank: As per DFIM circular no. 11 of 23 December 2009, cash flow is the mixture of direct and indirect methods. Money at call on short notice presented on the face of the balance sheet, and treasury bills, prize bonds are shown in investments.

Annual Report 2016

2.5 Provision for loans and advances BFRS: As per BAS 39 an entity should start the impairment assessment by considering whether objective evidence of impairment exist for financial assets that are individually significant. For financial assets which are not individually significant, the assessment can be performed on an individual or collective (portfolio) basis.

Bangladesh Bank: As per Bangladesh Bank circular (FID Circular no. 08 dated 03 August 2002 and FID Circular no. 03 dated 03 March 2006), a general provision at 1% for standard loan and 5% for SMA loans, should be maintained regardless of objective evidence of impairment. And, specific provision for substandard loan, doubtful loans and bad/losses should be provided at 20%, 50% and 100% respectively for loans and advances depending on the duration of overdue. Also a general provision at 1% should be provided for all off balance sheet exposure. Such provision policies are not specifically in line with those prescribed by BAS 39.

2.6 Cash and cash equivalent BFRS: Cash and cash equivalent items should be reported as cash item as per BAS 7.

Bangladesh Bank: Some cash and cash equivalent items which includes ‘money at call and short notice’, is not shown as cash and cash equivalents.

2.7 Recognition of interest in suspense BFRS: Loans and advances to customers are generally classified as ‘loans and receivables’ as per BAS 39 and interest income is recognized through effective interest rate method over the term of the loan. Once a loan is impaired, interest income is recognized in profit and loss account on the same basis based on revised carrying amount.

Bangladesh Bank: As per FID circular no. 08 dated 03 August 2002, once a loan is classified, interest on such loans are not allowed to be recognized as income, rather the corresponding amount needs to be credited to an interest in suspense account, which is presented as liability in the balance sheet.

2.8 Financial instruments: presentation and disclosure In several cases Bangladesh Bank guidelines categorize, recognize, measure and present financial instruments differently from those prescribed in BAS 39. As such full disclosure and presentation requirements of BFRS 7 and BAS 32 cannot be made in the financial statements. 2.9 Presentation of intangible asset BFRS: An intangible asset must be identified and recognized, and the disclosure must be given as per BAS 38. Bangladesh Bank: There is no regulation for intangible assets in DFIM circular no. 11 of 23 December 2009. 2.10 Off-balance sheet items BFRS: There is no concept of off-balance sheet items in any BFRS; hence there is no requirement for disclosure of off-balance sheet items on the face of the balance sheet.

Bangladesh Bank: As per DFIM circular no. 11 of 23 December 2009, off balance sheet items (e.g. Letter of credit, Letter of guarantee etc.) must be disclosed separately on the face of the balance sheet.

2.11 Use of estimate and judgements The preparation of these financial statements in conformity with Bangladesh Accounting Standards (BAS), Bangladesh Financial Reporting Standards (BFRS) and Bangladesh Bank guidelines requires management to make judgement, estimates and assumptions that affect the application of accounting policies. Estimates and underlying assumptions are reviewed on an ongoing basis. 2.12 Functional and Presentation Currency These financial statements are using the currency of the primary economic environment in which the company operates (the functional currency) and presentation currency is Bangladesh Taka which is also the functional currency of the company. 2.13 Revenue Recognition Interest income from loans and other sources is recognized on an accrual basis of accounting on effective interest method.

Income on investment is recognized on an accrual basis. Investment income includes interest on bonds.



Fees & commission income is recognized on an accrual basis which includes fees received from borrowers of infrastructure financing and administering monitoring activities under renewable energy program.

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131

2.14 Property, plant and equipment Property, plant and equipment are stated at cost less depreciation. Depreciation is charged on reducing balance method. Depreciation on additions to fixed assets is charged in full for the year and no depreciation is charged for the year in which an asset is disposed, irrespective of the date of acquisition, on reducing balance method. The rates of depreciation are as follows:

Category of assets Office space Furniture, fixture and decoration Computer and computer equipment Office equipment Vehicle Software

Rate of depreciation 10% 10% 30% 10% 20% 30%

2.15 Accounting for grant Accounting for grant has been made in accordance with Bangladesh Accounting Standards (BAS) - 20 “Accounting for Government Grants and Disclosure of Government Assistance”. Grant has been recognized as income to the extent of depreciation on grant funded assets. 2.16 Foreign Currency transactions (Exchange fluctuations and gains or losses) Transactions in foreign currencies are recorded in the books at the exchange rate prevailing on the date of the transaction. Monetary assets and liabilities in foreign currencies at the date of statement of financial position are translated into taka at the exchange rate prevailing at that date. Exchange differences arising on the settlement of monetary items or on translating monetary items at the end of the reporting period are recognized in profit and loss account as per ISA/BAS 21: the effects of changes in foreign exchange rates. 2.17 Write-off A loan write off – as it applies to individual borrowers -simply meaning taking off the amount from the Balance Sheet against which provision has already been made for a reduction in the value of an asset or earnings by the amount of an expense or loss. When businesses file their income tax return, they are able to write off expenses incurred to run the business and subtract them from their revenue to determine their taxable income. Recovery of debts written off provided for its credited revenue. Income are recognized where amounts are either recovered and/or adjusted against securities/properties or advances. 2.18 Earning per Share (EPS) As per BAS - 33, the company presents its basic earnings per share (EPS) for its ordinary shares. EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the company by the weighted average number of ordinary shares outstanding during the year. 2.19 Related party disclosure As per Bangladesh Accounting Standards (BAS 24) , parties to be related if one of the party has the ability to control the other party or exercise significant influence over the other party in making financial and operating decisions. All transactions were carried out in the ordinary course of business on an arm’s length basis, no related party transactions were incurred during this financial year. 2.20 Employee benefits: Defined contribution plan(provident fund)

The company operates a contributory provident fund scheme where employees contribute 10% of their basic salary with equal contribution by the company. The provident fund is considered as defined contribution plan being managed by a Board of Trustees.



Defined benefit plan(gratuity)



The company operates an unfunded gratuity scheme, provision in respect of which is made annually covering all permanent employees. The employees gratuity fund is being considered as defined benefit plan.

2.21 Internal Audit Internal Audit function plays a crucial role in ongoing assessment and maintenance of internal control, risk management and governance in the organization. Internal audit team conducts audit in all partner NGO’s and IDCOL regional offices. Internal audit use standard approach to determine their respective work plan and actions.

132

Annual Report 2016

2.22 Fraud and Forgeries To prevent fraud and forgeries internal audit team acts independently as the first contact point/information unit. As a counteractive course of action, preventive and corrective measures are recommended to the operation unit to take necessary action. All fraud related issues are recorded in the fraud register in a systematic manner for future reference. 2.23 Disclosure for BAS & BFRS Compliance:

BAS # 1 2 7 8 10 11 12 16 17 18 19 20

Compliance status Applied N/A Applied* Applied Applied N/A Applied Applied N/A Applied Applied Applied

13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28

Name of the BAS Presentation of Financial Statements Inventories Statements of Cash Flow Accounting Policies, Changes in Accounting Estimates and Errors Events after the Balance Sheet Period Construction Contracts Income Taxes Property, Plant and Equipment Leases Revenue Employee Benefits Accounting for Government Grants and Disclosure of Government Assistance The Effects of Changes in Foreign Exchange Rates Borrowing Costs Related Party Disclosures Accounting and Reporting by Retirement Benefit Plans Separate Financial Statements Investment in Associates and Joint Ventures Financial Reporting in Hyperinflationary Economies Financial Instruments: Presentation Earnings per share Interim Financial Reporting Impairment of Assets Provisions, Contingent Liabilities and Contingent Assets Intangible Assets Financial Instruments: Recognition and Measurement Investment Property Agriculture

21 23 24 26 27 28 29 32 33 34 36 37 38 39 40 41

Applied Applied Applied N/A Applied N/A N/A Applied * Applied Applied Applied Applied Applied Applied * N/A N/A

1 2 3 4 5 6 7 8 9 10 11 12 13

Name of the BFRS First-time Adoption of IFRS Share Base payment Business combination Insurance Contracts Non-current assets held for sale and discontinued operation Exploration for and Evaluation of Mineral Resources Financial Instruments: Disclosures Operating Segments Financial Instruments Consolidated Financial Statements Joint Arrangement Disclosure of Interest in Other Entities Fair Value Measurement

BFRS # 1 2 3 4 5 6 7 8 9 10 11 12 13

Compliance status N/A N/A N/A N/A N/A N/A Applied * Applied N/A Applied N/A N/A Applied

1 2 3 4 5 6 7 8 9 10 11 12



* As the regulatory requirements differ with the standards, relevant disclosures are made in accordance with Bangladesh Bank’s requirements

Annual Report 2016

133

2.24

Basis of measurement The financial statements have been prepared in accordance with Bangladesh Accounting Standards (BAS) and Bangladesh Financial Reporting Standards (BFRS). The accounting policies, unless otherwise stated, have been consistently applied by the company and are consistent with those of the previous year.

2.25

Risk Management In IDCOL, a well-structured and proactive risk management system is working within the company to address and manage the risks relating to credit, market, liquidity and operations along with the guidelines for managing core risks of financial institutions issued by the Bangladesh Bank (Central Bank), vide FID circular No. 10 dated September 18, 2005.

2.25.1 Credit Risk: Credit risk is being managed through a framework set by policies and procedures developed by the management and approved by the IDCOL board. The approval process contributes in mitigating credit risk. Every proposal is reviewed by Credit Risk Management Unit, Credit Risk Management Committee, Credit Committee and Board of Directors as a part of risk governance in IDCOL. Moreover, IDCOL has a Credit Risk Manual implemented in accordance with guideline provided by Bangladesh Bank.

The responsibility is clearly segregated between origination of business and approval of the transaction in order to maintain the independence and integrity of the credit decision-making process. The project appraisal team after completing their detailed due diligence of the project submits the completed project appraisal report to Credit Risk Management (CRM) department. After the risk assessment of CRM, the project is submitted to CRM committee headed by CEO and comprising of functional unit heads. Once approved by the CRM Committee, it goes to Credit Committee for their review and approval and final approval obtained from the IDCOL Board.

2.25.2 Market Risk Market risk arises from the fluctuation of returns caused by the macroeconomic factors that affect the overall performance of the financial market and organization as well. The Asset Liability Management Committee reviews the market trend of interest rates and matches the interest risks of the assets so that it can meet its obligations without making any losses. It also ensures that IDCOL has appropriate capital to cover potential losses from exposures to changes in interest rates. IDCOL management makes sure that lending and borrowing currency will always be same so that company does not have to bear any foreign currency risk. 2.25.3 Liquidity Risk IDCOL has established strategies, policies and practices to manage liquidity risk in accordance with the risk tolerance and to ensure sufficient liquidity. The Asset Liability Management Committee (ALCO) of IDCOL actively monitors and controls liquidity risk exposures. 2.25.4 Operational Risk Managing operational risks requires timely and accurate information as well as a strong control culture. To do so, IDCOL has established an internal control & compliance unit to address operational risks and to frame and implement policies to encounter such risks. IDCOL also provides training for capacity building of the employees, ensures active participation of the senior management in identifying and mitigating key operational risks, maintains proactive communication between our revenue-producing units and our independent control and support functions and has built a network of systems throughout the firm to facilitate the collection of data used in analyzing and assessing our operational risk exposure. 2.25.5 Money Laundering Risk A separate Central Compliance Unit (CCU) of IDCOL has been established which is responsible for managing money laundering risks following guidance notes on Prevention of Money Laundering and Terrorist Financing issued by Bangladesh Bank. 2.25.6 Information Technology and Communication Risk IDCOL has a full-fledged department which ensures adequate IT and MIS infrastructure and its security. It streamlines the management information systems with the strategic direction of the Company while mitigating the risks associated with incorrect deployment and use of Information-Technology.

134

Annual Report 2016

Notes

3.0

CASH Cash in hand Balance with Bangladesh Bank and its agent bank

3.1

3.2

3.3

3.4

Amount in Taka 31-Dec-16 31-Dec-15

3.1 3.2

Cash in Hand Local Currency Foreign Currencies Balance with Bangladesh Bank and its agent bank Bangladesh Bank balance in local currency Bangladesh Bank balance in foreign currency Cash Reserve Ratio (CRR) Required reserve @ 2.5% of average balance of term deposit Actual reserve Surplus Statutory Liquidity Ratio (SLR) Required reserve @ 5% of average liabilities excluding funds from banks/FIs Actual Reserve held Surplus Total Surplus

5,617 186,824,261 186,829,878

3,623 33,674,328 33,677,951

5,617 5,617

3,623 3,623

62,293,743 124,530,518 186,824,261

33,674,328 33,674,328

-

-

-

-

-

-

* As per Bangladesh Bank # FID (L) 1053/69/4, maintenance of CRR and SLR is exempted for IDCOL.

4.0

Balance with other banks and financial institutions Inside Bangladesh Local currency Current and short-term deposits in local currency Fixed deposits in local currency

29,177,573,149

26,409,399,009

4.1 4.2

1,642,272,191 24,313,500,000

736,608,827 22,820,500,000

4.3 4.4

466,279,875 2,755,521,083

772,565,855 2,079,724,328

29,177,573,149

26,409,399,009

1,338,277,771 16,694,220 1,158,821 11,071,501 35,443 129,092 261,996,143 909,351 11,999,850 1,642,272,191

534,135,230 23,969,683 7,466,131 10,128,556 92,399 113,963 55,607,085 105,095,781 736,608,827

Foreign currency Current and short-term deposits in foreign currency Fixed deposits in foreign currency Outside Bangladesh 4.1

Current and short-term deposits in local currency Janata Bank Ltd. The City Bank Ltd. Prime Bank Ltd. National Credit and Commerce Bank Ltd. National Bank Ltd. Islami Bank Bd. Ltd. Agrani Bank Ltd. Eastern Bank Ltd. Standard Chartered Bank

4.1.a 4.1.b 4.1.c 4.1.d 4.1.e 4.1.f 4.1.g 4.1.h 4.1.i

Annual Report 2016

135

Notes 4.1.a

4.1.b

4.1.c

4.1.d

Janata Bank Limited Accounts under donor funded projects IDA -5158-BD : REREDP-II IDA -5514-BD : Additional Financing REREDP-II IDB -151-BD : PPIDF-II (SF) Company accounts STD Account The City Bank Limited Accounts under donor funded projects KfW - 2006.65.612 -NDBMP Company accounts Imprest account Prime Bank Limited Company accounts Salary account Accounts for Regional Offices Barisal Bogra Chittagong Dhaka Faridpur Rangpur Khulna Mymensingh National Credit and Commerce Bank Limited Revolving fund account under projects PPIDF: ADB 2453-BAN (SF) Accounts for Regional Offices Brahmanbaria Laxmipur

4.1.e

4.1.f

4.1.g

136

National Bank Limited Accounts for Regional Office Sylhet Islami Bank Bangladesh Limited Accounts for Regional Office Borguna Agrani Bank Limited Accounts under donor funded projects P-075 : JICA

Annual Report 2016

Amount in Taka 31-Dec-16 31-Dec-15

87,134,417 323,736,960 7,595,344 6,105,517

122,433,172 39,561,972 7,632,316 78,783,268

913,705,532 1,338,277,771

285,724,501 534,135,230

14,814,107

23,175,689

1,880,113 16,694,220

793,993 23,969,683

495

6,580,317

131,212 180,449 221,034 313,454 29,963 81,986 117,549 82,679 1,158,821

78,628 73,431 193,623 174,559 50,261 29,226 148,961 137,124 7,466,131

10,967,536

9,816,249

66,845 37,120 11,071,501

119,576 192,731 10,128,556

35,443 35,443

92,399 92,399

129,092 129,092

113,963 113,963

261,996,143 261,996,143

55,607,085 55,607,085

Notes 4.1.h

4.1.i

4.2

Eastern Bank Limited Revolving fund account under projects P-075 : JICA Standard Chartered Bank Company Account Salary Account Fixed deposits in local currency Fixed deposit receipt (three months’ term) with: Al-Arafah Islami Bank Ltd. Dhaka Bank Ltd. EXIM Bank Ltd. First Security Islamic Bank Ltd. IFIC Bank Ltd. Jamuna Bank Ltd. Mercantile Bank Ltd. National Bank Ltd. NCC Bank Ltd. (PPIDF-1 revolving fund) One Bank Ltd. Premier Bank Ltd. Shahjalal Islamic Bank Ltd. Southeast Bank Ltd. Standard Bank Ltd. Trust Bank Ltd. United Commercial Bank Ltd. Janata Bank Ltd. Agrani Bank Ltd. Fixed deposit receipt (six months’ term) with: DBH Fin Corp. Ltd. First Lease & Finance First Security Islamic Bank Ltd. IDLC Finance Ltd. Lanka-Bangla Finance Ltd. Peoples Leasing Premier Bank Ltd. Premier Leasing & Finance Ltd. Prime Finance & Investment Ltd. Union Capital Ltd. AB Bank Ltd. Al-Arafah Islami Bank Ltd. IPDC of Bangladesh Ltd. Mercantile Bank Ltd. Mutual Trust Bank Ltd. National Bank Ltd. NCC Bank Ltd. NCC Bank Ltd. (PPIDF-1 revolving fund) IFIC Bank Ltd.

Amount in Taka 31-Dec-16 31-Dec-15

909,351 909,351

105,095,781 105,095,781

11,999,850 11,999,850

-

888,500,000 1,150,000,000 1,400,000,000 895,000,000 500,000,000 310,000,000 540,000,000 200,000,000 -

390,000,000 1,250,000,000 1,250,000,000 140,000,000 1,220,000,000 405,000,000 330,000,000 1,065,000,000 890,000,000 320,000,000 318,000,000 730,000,000 934,000,000 730,000,000 115,000,000 300,000,000 200,000,000

300,000,000 100,000,000 1,000,000,000 300,000,000 200,000,000 100,000,000 380,000,000 150,000,000 100,000,000 200,000,000 595,000,000 1,250,000,000 150,000,000 1,250,000,000 1,550,000,000 3,370,000,000 -

300,000,000 100,000,000 610,000,000 300,000,000 100,000,000 100,000,000 180,000,000 200,000,000 150,000,000 1,400,000,000 560,000,000 190,000,000 614,000,000 185,000,000 1,118,500,000 1,635,000,000 30,000,000

Annual Report 2016

137

Notes Habib Bank Ltd Pubali Bank Ltd. Standard Bank Ltd. United Commercial Bank Ltd. Uttara Finance Ltd. The City Bank Ltd. Jamuna Bank Ltd. Trust Bank Ltd. Janata Bank Ltd. Agrani Bank Ltd. Shahjalal Islamic Bank Ltd. Union Bank Ltd. Southeast Bank Ltd. Fas Finance Ltd. BD Finance Fixed deposit receipt (1 year term) with: Eastern Bank Ltd.(JICA revolving fund account) Eastern Bank Ltd. The City Bank Ltd 4.3

4.4

4.5

5.0 6.0

Current and short-term deposits in foreign currency Janata Bank Ltd. Commercial Bank of Ceylon (PPIDF-1 revolv. USD) Fixed deposits in foreign currency Fixed deposit receipt (One/six months’ term) with: Janata Bank Ltd. Commercial Bank of Ceylon Brac Bank Ltd. Dhaka Bank Ltd. Maturity grouping of Balance Up to one month More than one month but less than three months More than three months but less than one year More than one year but less than five years More than five years

650,000,000 1,200,000,000 200,000,000 780,000,000 380,000,000 150,000,000 710,000,000 200,000,000 580,000,000 50,000,000 100,000,000 760,000,000 1,205,000,000 470,000,000 24,313,500,000

300,000,000 550,000,000 316,000,000 700,000,000 200,000,000 1,015,000,000 260,000,000 620,000,000 200,000,000 200,000,000 100,000,000 22,820,500,000

465,440,055.23 839,820 466,279,875

258,523,031 514,042,824 772,565,855

1,089,509,910 1,466,404,533 199,606,640 2,755,521,083

853,734,600 1,033,821,728 192,168,000 2,079,724,328

2,108,552,066 5,883,500,000 18,750,521,083 2,435,000,000 29,177,573,149

1,509,174,681 10,587,000,000 14,313,224,328 26,409,399,009

-

-

-

-

Money at call and short notice Investments Government Others

138

Amount in Taka 31-Dec-16 31-Dec-15

Annual Report 2016

Notes

7.0

Loans and advances Inside Bangladesh Long-term finance Short term financing Interest receivable on loans and advances

7.1 7.2 7.3

Outside Bangladesh 7.1

Long-term finance: Opening balance on Jan 01 Add: Disbursement made during the year Add: Interest Capitalization during the year Less: Realization during the year Add: Forex gain/ (Loss) Balance at 31 December

7.1.1

Sector wise disclosure of long term finance Infrastructure loan Renewable energy project Employee car loan Employee home Loan

7.1.1a

7.1.1a Renewable energy project Solar home system Biogas program Other renewable energy project 7.2

Short term financing Opening balance on Jan 01 Add: Disbursement made during the year Less: Realization during the year Balance at 31 December

7.3

7.3.1

Amount in Taka 31-Dec-16 31-Dec-15

Interest on loan and advance Interest receivable on infrastructure loan Interest receivable on renewable energy loan Interest receivable on renewable energy loan Solar Home System project Biogas project Other renewable energy project

7.3.1

40,356,306,290 5,332,553 654,936,003 41,016,574,846 41,016,574,846

36,491,017,196 5,926,028 466,645,899 36,963,589,123 36,963,589,123

36,491,017,196 8,507,755,650 32,927,183 45,031,700,030 (4,702,659,963) 27,266,226 40,356,306,290

31,250,523,324 11,056,507,630 252,202,117 42,559,233,071 (6,068,215,875) 36,491,017,196

16,455,702,119 23,851,639,368 18,746,093 30,218,710 40,356,306,290

11,143,631,359 25,337,405,591 9,980,246 36,491,017,196

22,663,412,756 331,401,466 856,825,146 23,851,639,368

24,346,155,792 351,227,280 640,022,519 25,337,405,591

5,926,028 6,303,600 12,229,628 (6,897,075) 5,332,553

5,675,636 11,949,000 17,624,636 (11,698,608) 5,926,028

269,726,009 385,209,994 654,936,003

72,932,847 393,713,052 466,645,899

349,845,925 6,707,459 28,656,610 385,209,994

372,288,564 6,175,408 15,249,080 393,713,052

Annual Report 2016

139

Notes 7.4

7.5

Large Loan Disclosure Grameen Shakti Rural Services Foundation Summit Barisal Power Ltd. Summit Meghnaghat Power Company Ltd. Regent Energy and Power Ltd. Energypac Confidence Power Venture Chittagong Ltd. Quantum Power Systems Ltd. Doreen Hotels and Resorts Ltd. Summit Narayanganj Power Unit II Limited Hilful Fuzul Samaj Kalyan Sangstha

6,620,937,345 3,549,077,912 2,361,000,000 1,962,227,100 1,963,171,500 1,855,071,209 1,499,668,879 1,574,000,000 1,180,500,000 1,053,788,869 23,619,442,814

7,463,320,945 3,584,147,217 2,147,041,713 2,178,630,163 2,074,642,745 1,500,189,597 1,150,844,036 20,098,816,416

7,432,468,025

9,183,276,437

33,584,106,821

27,780,312,686

c) Loan considered good for which the FI holds no other security than the debtor’s personal security.

-

-

d) Loan considered good for which the FI holds no other security than the debtor’s personal security.

-

-

e) Loan considered good and secured by the personal security of one of more parties in addition to the personal security of the debtors.

-

-

f)

-

-

41,016,574,846

36,963,589,123

48,964,803

9,980,246

h) Loan due by companies and firms in which the directors of the FI have interest as directors, partners or managing agent or in case of private companies as members.

-

-

i)

Maximum total amount of advances including temporary advances made at any time during the year to directors and managers or officers of the FI or any of them either severally or jointly with any other persons.

-

-

j)

Maximum total amount of advances including temporary advances made at any time during the year to the companies or firms in which the directors of the FI have interest as directors partners r managing agents or in case of private companies as members.

-

-

-

-

1,479,242,638

171,615,604

109,847,514

3,489,390

Particulars of Loans, Advances and leases a) Loan considered good in respect of which the FI is fully secured b) Loan considered good in respect of which the FI is partially secured

Loan adversely classified for which no provision is created.

g) Loan due by directors or officers of the FI or any of them either separately of jointly with any other persons.

k) Due from other Bank/FI companies. l) i)

Classified loans advances and leases Classified loans, advances and leases on which interest has not been charged

ii) Provision on doubtful loans, advances and leases

140

Amount in Taka 31-Dec-16 31-Dec-15

Annual Report 2016

Notes



Provision on bad loans, advances and leases

1,112,567,682

164,636,824

Total provisions charged during the year

1,222,415,197

168,126,214

-

-

-

-

iii) Amount written off loans, advances and leases



Amount in Taka 31-Dec-16 31-Dec-15

Total amount realized against loans and leases previously written off

iv) Provision kept against loans and advances classified as bad debts

-

-

v) Interest credited to Interest Suspense Account

376,181,954

752,573,910



-

-

111,510,936

-

111,510,936

-

487,742,250 1,737,791,081 7,425,372,828 24,490,157,855 6,875,510,831 41,016,574,846

106,287,447 2,839,859,564 8,494,204,903 19,791,355,619 5,731,881,589 36,963,589,123

48,964,803 2,319,973,171 844,255,889 91,777,673 349,657,828 24,490,121,939 1,601,903,345 79,946,966 1,189,973,232 41,016,574,846

9,980,246 9,281,662,531 94,511,301 490,292,224 139,375,090 25,746,427,820 1,201,339,910 36,963,589,123

41,016,574,846 15,345,973,051 9,003,705,596 3,989,936,253 1,597,767,478 6,013,021,164 1,682,903,884 3,383,267,420

36,963,589,123 12,889,619,030 9,032,519,606 3,871,685,952 1,749,332,738 4,213,881,221 1,896,882,380 3,309,668,195

41,016,574,846

36,963,589,123

vi) Cumulative amount of written off loans, advances and leases

7.6

7.7

7.8

Opening Balance Amount written off during the year

Maturity grouping of loans and advances Upto one month More than one month but less than three months More than three months but less than one year More than one year but less than five years More than five years Disclosure for significant concentration a) Advances to allied concerns of Directors b) Advances to Chief Executive and other executives c) Advances to customers’ group i) Power ii) Ports iii) Telecommunication iv) IT and services v) Renewable energy d) Industrial loans e) Hotel & Resorts f) Healthcare g) Other loans Geographical Location - wise Loans and Advances Inside Bangladesh Dhaka Region Chittagong Region Khulna Region Rajshahi Region Barisal Region Rangpur Sylhet Region Outside Bangladesh

Annual Report 2016

141

Notes 7.9

Classification of loans and advances Unclassified: Standard Special Mention Account

35,553,188,146 1,587,244,500 37,140,432,646

33,583,357,726 1,079,963,725 34,663,321,451

2,396,899,562 238,471,197 1,240,771,441 3,876,142,200 41,016,574,846

2,128,652,068 6,978,780 164,636,824 2,300,267,672 36,963,589,123

353,065,604 2,466,278 77,141,710 432,673,592

330,486,561 2,768,555 53,998,186 387,253,302

435,996,773 109,847,514 1,112,567,682 1,658,411,970

425,730,414 3,489,390 164,636,824 593,856,628

Total provision required as on 31 December

2,091,085,562

981,109,929

Movement of provision of loans and advances Balance as on 01 January 2016 Provision made during the year Adjustment during the year Balance as on 31 December

981,109,929 1,221,486,568 (111,510,935) 2,091,085,562

758,029,711 223,080,218 981,109,929

41,016,574,846 (408,198,395) (2,091,085,562) 38,517,290,889

36,963,589,123 (359,179,529) (981,109,929) 35,623,299,693

498,391,724 273,974,322 772,366,046

237,200,000 237,200,000

Classified: Sub-Standard Doubtful Bad or loss

7.9.1

Particulars of required provision for loans and advances Status General provision Standard loans/ advances* Interest receivable on standard loan Special mention account(SMA) Specific provision Sub-standard Doubtful Bad/loss

7.10

Base for provision

Rate (%)

37,096,022,356 35,306,560,385 246,627,761 1,542,834,210

1% 1% 5%

3,512,246,577 2,179,983,866 219,695,029 1,112,567,682

20% 50% 100%

Net Loans and advances Closing outstanding balance Less: Interest suspense (Note 11.3) Provision for loans and advances (Note 7.6.1, 11.5) Net loans and advances

7.11

Disclosure of disbursement of loan from donor funded projects during the year

A.

PSIDP and REREDP funded by IDA

Annex -A

Loan extended from reflows under PSIDP (Credit No. 2995-BD) Loan extended from reflows under REREDP (Credit No. 3679-BD) Sub Total

142

Amount in Taka 31-Dec-16 31-Dec-15

Annual Report 2016

Notes B.

C.

D.

E

F.

REREDP-II funded by IDA (Credit # 5158) a) Refinancing to Partner Organizations (POs) b) Loan to other renewable projects Sub Total

Annex -B

Additional REREDP-II funded by IDA (Credit # 5514) Refinancing to Participating Organizations (POs) Loan to other renewable energy projects Sub Total

Annex-C

148,157,378 148,157,378

10,634,315 147,279,396 157,913,711

1,688,997,828 1,688,997,828

3,101,397,086 3,101,397,086

Annex-D PPIDF funded by ADB (Loan No. 2453-BAN) Refinancing to POs under Renewable Energy Project (REP) Sub Total

-

-

PPIDF funded by ADB (Loan No. 2454-BAN) Loan to large infrastructure projects (LIP) Sub Total

Annex-D

-

2,334,000,000 2,334,000,000

PPIDF funded by ADB (Loan No. 3045-BAN) Loan to large infrastructure projects (LIP) Sub Total

Annex-E

3,546,000,000 3,546,000,000

1,944,750,000 1,944,750,000

PPIDF funded by ADB (Loan No. 3046-BAN) Refinancing to POs under Renewable Energy Project (REP) Sub Total

Annex-E

73,707,291 73,707,291

479,355,172 479,355,172

REDP funded by JICA ( Loan# BD-P75) Refinancing to Participating Organizations (POs) Loan to other renewable energy projects Sub Total

Annex-F

28,496,838 117,267,241 145,764,079

2,279,320,143 38,774,963 2,318,095,106

6,374,992,622

10,572,711,075

Grand Total

8

Amount in Taka 31-Dec-16 31-Dec-15

Fixed assets including land, building, furniture and fixtures Cost Opening balance on 1 January 2016 Add: Purchased during the year Less: Disposal during the year Closing balance on 31 December Depreciation Opening balance on 1 January 2016 Add: Charged during the year Less: Adjustment during the year Accumulated balance on 31 December Written Down Value

132,186,694 18,650,613 150,837,307

107,909,410 25,355,458 (1,078,174) 132,186,694

66,467,188 13,804,452 80,271,640 70,565,667

51,770,033 15,557,695 (860,540) 66,467,188 65,719,507

Details of fixed assets are given in Annexure -G

Annual Report 2016

143

Notes

9

OTHER ASSETS Advances, deposits and prepayments Advance income tax Accounts receivables Deferred Tax Asset

9.1

9.2

9.2.1

9.3

144

Amount in Taka 31-Dec-16 31-Dec-15

9.1 9.2 9.3 9.4

Advances, deposits and prepayments Advance: Advance for SHS project Advance NDBMP project expense Advance under PUREP Advance under GPOBA II Advance for other RE projects Advance for training Advance for travelling Advance subsidy- NDBMP Advance for Land Book for project finance course Corporate advisory advance Directors remuneration ELIB project expenses Rental advance Salary advance Advance against training /travelling expenses Advance for ICS Program Advance for corporate advisory service & others Others Advance income tax Opening balance Add: Advance tax (Including TDS ) paid during the year Less: Adjustment with Provision for Tax Assessment year wise break up: AY 2014-2015 AY 2015-2016 AY 2016-2017 AY 2017-2018 Accounts receivables Administration fees under renewable energy projects Fees and other receivable from infra. Project Fees and other receivable from advisory services Interest receivable on fixed deposit (FDR) Other receivables Receivable under RE projects Training fees receivable Receivable under REP-RO

Annual Report 2016

9.3.1

91,299,550 1,776,719,649 701,732,078 6,602,887 2,576,354,164

112,801,277 2,919,328,618 472,939,754 2,327,393 3,507,397,043

5,129,502 4,126,072 177,220 5,763,175 125,118 809,615 5,499,742 22,640,558 18,301,800 685,365 147,000 140,000 6,518,437 17,333 20,080,291 412,278 726,044 91,299,550

10,619,578 29,950,612 177,220 69,458 33,923,188 845,490 70,000 9,416,384 1,001 22,024,290 173,859 5,530,198 112,801,277

2,919,328,618 1,144,202,528 (2,286,811,497) 1,776,719,649

1,818,256,191 1,118,145,380 (17,072,953) 2,919,328,618

28,651,206 619,455,822 1,128,612,621 1,776,719,649

862,520,545 1,437,352,251 619,455,822 2,919,328,618

31,819,465 3,389,371 32,500 393,869,844 16,896,677 255,709,221 15,000 701,732,078

1,476,985 3,449,436 182,500 337,111,040 21,611,140 105,823,856 15,000 3,269,796 472,939,754

Notes 9.3.1

9.4

10

Amount in Taka 31-Dec-16 31-Dec-15

Receivable under REP -Regional Office (RO) Receivable under REP-Barguna Receivable under REP-Brahmanbaria Receivable under REP-Bogra Receivable under REP- Barisal Receivable under REP-Chittagong Receivable under REP-Dhaka Receivable under REP-Dhaka-Biogas Receivable under REP-Faridpur Receivable under REP-Khulna Receivable under REP-Laxmipur Receivable under REP-Mymensingh Receivable under REP-Rangpur Receivable under REP-Sunamgonj Deferred tax Opening balance Jan 01 Provision/(reversal) during the year Closing balance

Annex-G

-

219,291 304,457 225,549 244,559 395,687 212,201 154,095 237,941 265,222 255,464 304,839 183,063 267,428 3,269,796

2,327,393 4,275,494 6,602,887

6,070,434 (3,743,041) 2,327,393

Borrowings from other banks, financial institutions and agents Inside Bangladesh Unsecured long-term loans from the Government of Bangladesh IDA financing under PSIDP- (Credit# 2995) 10.1 IDA financing under REREDP 10.2 ADB financing under PPIDF (Loan # 2453, 2454, 3045 10.3 & 3046) IDB financing under REP (Credit # 151) 10.4 KfW financing under NDBMP (Credit # 2006.65.612) 10.5 JICA financing under REDP (Credit # P 75) 10.6 Outside Bangladesh

6,133,953,587 29,431,252,048 18,037,217,497

5,635,561,863 27,769,710,495 14,717,132,517

1,051,419,574 259,879,471 6,876,772,605 61,790,494,782 61,790,494,782

1,135,432,224 259,879,471 6,394,118,552 55,911,835,122 55,911,835,122

5,635,561,863 498,391,724 6,133,953,587 6,133,953,587

5,635,561,863 5,635,561,863 5,635,561,863

Abbreviations IDA : International Development Association (The World Bank) PSIDP : Private Sector Infrastructure Development Project REREDP : Rural Electrification and Renewable Energy Development Project ADB : Asian Development Bank PPIDF : Public-Private Infrastructure Development Facility IDB : Islamic Development Bank KfW : German Development Bank NDBMP : National Domestic Biogas and Manure Programme 10.1

IDA financing under PSIDP (Credit # 2995) Balance at Jan 01 Add: Drawdown made during the year Less: Repayment made during the year Balance at December 31

Annual Report 2016

145

Notes 10.2

10.2a

IDA financing under REREDP IDA credit # 4643 IDA credit # 3679 IDA credit # 5013 IDA credit # 5158 IDA credit # 5514

10.2a 10.2b 10.2c 10.2d 10.2e

IDA credit # 4643 Balance at Jan 01 Add: Drawdown made during the year Less: Repayment made during the year Balance at December 31

10.2b

IDA credit # 3679 Balance at Jan 01 Add: Drawdown made during the year Less: Repayment made during the year Balance at December 31

10.2c

IDA credit # 5013 Balance at Jan 01 Add: Drawdown made during the year Less: Repayment made during the year Balance at December 31

10.2d

IDA credit # 5158 Balance at Jan 01 Add: Drawdown made during the year Less: Repayment made during the year Balance at December 31

10.2e

GoB Loan RERED-II (AF) - IDA 5514 Balance at Jan 2016 Add: Drawdown made during the year Less: Repayment made during the year (adjustment) Balance at December 31

10.3

146

ADB financing under PPIDF (Loan # 2453 & 2454) ADB credit # 2453 -REP ADB credit # 2453 -SMIP ADB credit # 2454 -LIP ADB credit # 3045 -OCR ADB credit # 3046 -SF

Annual Report 2016

10.3a 10.3b 10.3c 10.3d 10.3e

Amount in Taka 31-Dec-16 31-Dec-15 4,979,743,917 2,111,132,700 9,270,489,433 8,279,491,084 4,790,394,914 29,431,252,048

5,362,359,221 1,837,158,378 9,270,489,433 8,198,306,377 3,101,397,086 27,769,710,495

5,362,359,221 5,362,359,221 (382,615,304) 4,979,743,917

5,744,974,525 5,744,974,525 382,615,304 5,362,359,221

1,837,158,378 273,974,322 2,111,132,700 2,111,132,700

1,599,958,378 237,200,000 1,837,158,378 1,837,158,378

9,270,489,433 9,270,489,433 9,270,489,433

9,270,489,433 9,270,489,433 9,270,489,433

8,198,306,377 81,184,707 8,279,491,084 8,279,491,084

8,040,392,666 157,913,711 8,198,306,377 8,198,306,377

3,101,397,086 1,688,997,828 4,790,394,914 4,790,394,914

3,112,031,401 3,112,031,401 10,634,315 3,101,397,086

5,733,442,481 345,249,165 5,891,670,880 5,509,000,000 557,854,971 18,037,217,497

5,733,442,481 345,249,165 6,118,085,900 1,962,500,000 557,854,971 14,717,132,517

Notes 10.3a

ADB credit # 2453 -REP Balance at Jan 01 Add: Drawdown made during the year Less: Repayment made during the year Balance at December 31

10.3b

ADB credit # 2453 -SMIP Balance at Jan 01 Add: Drawdown made during the year Less: Repayment made during the year Balance at December 31

10.3c

ADB credit # 2454 -LIP Balance at Jan 01 Add: Drawdown made during the year Less: Repayment made during the year Add: Fair value adjustment (exchange loss) Balance at December 31

10.3d

ADB credit # 3045 -OCR Balance at Jan 01 Add: Drawdown made during the year Less: Repayment made during the year Add: Fair value adjustment (exchange loss) Balance at December 31

10.3e

ADB credit # 3046 -SF Balance at Jan 01 Add: Drawdown made during the year Less: Repayment made during the year Balance at December 31

10.4

IDB financing under REP ( Credit # 151) Balance at Jan 01 Add: Drawdown made during the year Less: Repayment made during the year Less: Fair value adjustment Balance at December 31

10.5

KfW financing under NDBMP (Credit # 2006.65.612) Balance at Jan 01 Add: Drawdown made during the year Less: Repayment made during the year Balance at December 31

Amount in Taka 31-Dec-16 31-Dec-15

5,733,442,481 5,733,442,481 5,733,442,481

5,733,442,481 5,733,442,481 5,733,442,481

345,249,165 345,249,165 345,249,165

345,249,165 345,249,165 345,249,165

6,118,085,900 6,118,085,900 (240,561,924) 14,146,904 5,891,670,880

6,274,630,808 6,939,254 6,281,570,062 217,004,144 53,519,982 6,118,085,900

1,962,500,000 3,546,000,000 5,508,500,000 500,000 5,509,000,000

1,953,150,000 1,953,150,000 9,350,000 1,962,500,000

557,854,971 557,854,971 557,854,971

557,854,971 557,854,971 557,854,971

1,135,432,224 1,135,432,224 (84,012,650) 1,051,419,574

1,219,444,874 1,062,975 1,220,507,849 85,075,625 1,135,432,224

259,879,471 259,879,471 259,879,471

259,879,471 259,879,471 259,879,471

Annual Report 2016

147

Notes 10.6

JICA financing under REDP (Credit # P 75) Balance at Jan 01 Add: Drawdown made during the year

6,394,118,552 482,654,053 6,876,772,605 6,876,772,605

5,015,765,990 1,533,028,270 6,548,794,260 154,675,710 6,394,118,552

264,318,529 816,283,185 2,459,743,478 17,413,937,940 30,860,487,477 9,975,724,173 61,790,494,781

111,960,972 333,843,704 1,275,626,429 14,711,738,134 30,835,762,276 8,642,903,607 55,911,835,122

11.1 31 11.2 11.3 30 11.4

992,049,579 1,714,937,327 14,850,839 408,198,395 2,091,085,562 44,641,224 685,365 5,266,448,272

816,817,469 2,855,543,832 2,710,930 359,179,529 981,109,929 36,499,769 237,361 2,765,289 340,000,000 5,394,864,108

11.1a

348,573,964 127,298,358 153,493,602 19,508,899 17,822,534 3,852,610 1,615,509 319,139,598 25,048 148,207 258,750 312,500 992,049,579

320,874,098 78,713,780 125,910,495 17,967,399 166,307,970 2,005,530 103,885,926 525,048 627,223 816,817,469

118,169,724 138,809,637 1,489,513 59,025,630 18,364,077 12,715,383 348,573,964

110,152,529 136,792,016 1,608,529 54,581,072 8,084,127 9,655,825 320,874,098

Less: Repayment made during the year Add: Fair value adjustment Balance at December 31 10.7

11

Maturity-wise grouping Upto one month More than one month but less than three months More than three months but less than six months More than six months but less than one year More than one year but less than five years More than five years but less than ten years More than ten years

OTHER LIABILITIES Payable and accrued expenses Provision for income tax Employees’ gratuity fund Interest suspense account Provision for loans and advances Grant assets received from donors Unearned Revenue- Monitoring Fees- MPL Provisions other than loans Dividend payable

11.1

11.1a

148

Amount in Taka 31-Dec-16 31-Dec-15

Payable and accrued expenses Interest payable to GoB REREDP PO’s deposit (Loan # 3679) Initial deposit under REREDP (Loan # IDA - 5158) Security deposit from POs under NDBMP project Other payables SHS maintenance expenses -Disaster Income tax and VAT payable Initial deposit under REREDP (Loan # IDA 5514) Payable under corporate advisory service Payable to IDCOL Staffs Audit fee Credit Rating fee

Interest payable to GoB Interest payable to GoB - PPIDF (Credit # 2453 & 2454) 11.1a.1 Interest payable to GoB - REREDP 11.1a.2 Interest payable to GoB - IDB (Credit # 151) Interest payable to GoB - JICA (Credit # P 75) Interest payable to GoB - OCR & SF ( Credit # 3045 & 3046) Commitment Charge payable and others

Annual Report 2016

Notes 11.1a.1 Interest payable to GoB - PPIDF (Credit # 2453 & 2454) Payable against Credit # 2453 -SMIP Payable against Credit # 2453 -REP Payable against Credit # 2454 -LIP

5,178,739 79,224,488 33,766,497 118,169,724

5,178,743 79,224,484 25,749,302 110,152,529

19,504,003 36,309,415 75,733,141 7,263,078 138,809,637

21,002,580 36,309,416 74,931,106 4,548,914 136,792,016

2,710,930 14,850,839 17,561,769

14,283,373 9,018,971 23,302,344

2,710,930 2,710,930 14,850,839

20,591,414 20,591,414 2,710,930

359,179,529 376,181,954 735,361,483 (327,163,088) 408,198,395

130,446,324 752,573,910 883,020,234 (523,840,705) 359,179,529

36,499,769 17,291,272 53,791,041 (9,149,817) 44,641,224

22,432,486 24,259,698 46,692,184 (10,192,415) 36,499,769

Donor Wise disclosures of cumulative grant assets Grant assets received from: The World Bank KFW-NDBMP SNV - Netherlands Development Organization Total value at cost (a)

75,303,125 4,125,239 1,221,623 80,649,987

58,011,853 1,221,623 4,125,239 63,358,715

Accumulated amortization: The World Bank KfW-NDBMP SNV - Netherlands Development Organization Total amortization (b) Written down value (a - b)

32,231,280 3,012,019 765,463 36,008,762 44,641,225

23,393,265 614,359 2,851,322 26,858,946 36,499,769

11.1a.2 Interest payable to GoB - REREDP Payable against Credit # 4643 Payable against Credit #5013 Payable against Credit # 5158 Payable against Credit # 5514 11.2

Amount in Taka 31-Dec-16 31-Dec-15

Employees’ gratuity fund Balance at Jan 01 Add: Provision made during the year Less: Settlement made during the year Transfer to BoT

11.3

Interest suspense account Balance as on Jan 01 Add: Amount transferred to “Interest Suspense” A/c during the year Less: Transferred to Income during the year Amount waived/written off during the year

11.4

Grant assets received from donors Balance as on 1 January (Written Down Value) Add: Assets received during the year Less: Amortization/disposal made during the year

Annual Report 2016

149

Notes

12

Amount in Taka 31-Dec-16 31-Dec-15

Paid-up Capital Authorized capital: 50,000,000 Ordinary shares @ Tk. 100 each

5,000,000,000

5,000,000,000

Issued, subscribed and paid-up capital 50,000,000 shares @ Taka 100 each

5,000,000,000

5,000,000,000

Detail of shareholding position of the company Name of shareholders Economic Relations Division (ERD), Ministry of Finance, Government of the People’s Republic of Bangladesh Mohammad Mejbahuddin Dr. Nasiruddin Ahmed Md. Mozammel Haque Khan Ghulam Hussain Nazrul Islam Khan Nihad Kabir Monowar Islam ndc Abdul Haque Waliur Rahman Bhuiyan Mahmood Malik Mahbub Ahmed Fazle Kabir ndc

13

No. of shares No. of shares as at December as at December 31, 2016 31, 2015

150

Paid up capital as at December 31, 2015

49,999,000

49,999,000

4,999,900,000

4,999,900,000

550 50 50 50 50 50 50 50 10 40 50 50,000,000

550 50 50 50 50 50 50 50 10 40 50 50,000,000

55,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 1,000 4,000 5,000 5,000,000,000

55,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 1,000 4,000 5,000 5,000,000,000

Income Statement Income Interest and similar income (Note-14) Investment income (Note-16) Fees and commission (Note-17) Other Operating income (Note-18)

14

Paid up capital as at December 31, 2016

14 16 17 18

4,126,765,790 203,918,130 178,332,691 4,509,016,611

4,128,410,561 125,291,906 69,995,070 4,323,697,536

Expenses Interest on deposits and borrowings (Note-15) Administrative expenses (Note-19-26) Other Operating expenses (Note-28) Depreciation on Assets (Note-27)

15 19-26 28 27

1,538,747,109 109,913,573 85,264,176 13,804,452 1,747,729,310 2,761,287,301

1,373,240,886 93,295,940 91,273,808 15,557,695 1,573,368,329 2,750,329,207

Interest Income Interest on loans and advances Interest on balance with other banks & financial institutes

14.1 14.2

2,396,694,352 1,730,071,438 4,126,765,790

2,306,493,024 1,821,917,536 4,128,410,561

Annual Report 2016

Notes 14.1

Interest Income on loans and advances Interest on Infrastructure loan Interest on Renewable Energy Project loan Interest on bridge financing Interest on employee car loan & home loan

14.1.1 14.1.2

14.1.1 Interest Income on Infrastructure loan Interest income-Infra-LIP Interest income-Infra-SMIP Interest income-Infra-PPP 14.1.2 Interest Income on Renewable Energy Project loan Interest on SHS project Interest on Biogas project Interest on Other renewable energy project 14.2

15

Interest on balance with other bank & FIs Interest on short term bank deposit Interest on fixed deposit Interest on call money lending

15.2

738,100,526 1,656,652,191 406,549 1,535,086 2,396,694,352

481,782,253 1,822,399,806 1,861,589 449,376 2,306,493,024

644,710,748 90,152,571 3,237,207 738,100,526

402,334,523 79,447,730 481,782,253

1,597,722,624 19,897,509 39,032,058 1,656,652,191

1,753,620,032 20,220,046 48,559,728 1,822,399,806

10,802,890 1,718,791,777 476,771 1,730,071,438

14,102,964 1,802,114,662 5,699,910 1,821,917,536

835,664,098 462,252,538 33,871,071 206,959,402 1,538,747,109

748,766,133 405,247,938 36,331,833 182,894,982 1,373,240,886

159,119,995 282,749,927 255,835,165 137,959,011 835,664,098

170,342,899 281,977,386 253,239,038 43,206,810 748,766,133

397,976,322 64,276,216 462,252,538

369,554,899 35,693,039 405,247,938

17,550,162 268,482,948 111,943,212 397,976,322

17,502,211 267,749,388 84,303,300 369,554,899

Interest on deposits, borrowings etc. Borrowing cost under REREDP Borrowing cost under PPIDF Borrowing cost under IDB (Credit # 151) Borrowing cost under JICA (Credit # P 75)

15.1

Amount in Taka 31-Dec-16 31-Dec-15

15.1 15.2

Borrowing cost under REREDP Interest against Credit # 4643 Interest against Credit #5013 Interest against Credit # 5158 Interest against Credit # 5514 Borrowing cost under PPIDF Borrowing cost under PPIDF (Credit # 2453 & 2454) Borrowing cost under PPIDF II (Credit # 3045 & 3046)

15.2.1 Borrowing cost under PPIDF (Credit # 2453 & 2454) Interest against Credit # 2453 -SMIP Interest against Credit # 2453 -REP Interest against Credit # 2454 -LIP

15.2.1 15.2.2

Annual Report 2016

151

Notes

Amount in Taka 31-Dec-16 31-Dec-15

15.2.2 Borrowing cost under PPIDF II (Credit # 3045 & 3046) Interest against Credit # 3045 - OCR Interest against Credit # 3046 -SF Commitment charge against Credit # 3045 - OCR

16

17.2

18

Fees income from renewable energy project Fees for administering SHS program - CDM Fees for administering SHS program - GIZ Fees for administering SHS program - DFID Fees for administering SHS program - REREDP II NDBMP administration fees - SNV and KfW Fees for administering ICS-World Bank Enlistment of RE equipment Fees income from Infra project Participation & arrangement fees Loan application, processing & documentation fees Due diligence fees Commission income Commitment charges Waiver, cancellation & prepayment fees Upfront fees Agency & monitoring Fees

17.1 17.2

102,701,058 98,845,239 2,371,833 203,918,130

38,169,850 83,587,336 3,534,720 125,291,906

39,727,940 25,848,518 5,987,120 30,342,480 795,000 102,701,058

383,142 23,993,410 1,011,440 12,156,858 625,000 38,169,850

3,362,500 2,561,250 12,442,448 482,586 2,454,663 3,677,700 54,219,398 19,644,694 98,845,239

677,100 10,067,500 18,571,913 38,041,041 16,229,782 83,587,336

23,231,502 9,149,817 145,951,372 178,332,691

30,984,439 10,192,415 28,818,216 69,995,070

67,545,915 6,376,769 73,922,684

59,736,497 4,678,482 64,414,979

Salary and allowances Salary and allowances Gratuity

152

-

Other operating income Exchange gain Deferred Income (Grant Income) Others

19

-

Fees, Commission & Brokerage Fees income from renewable energy project Fees income from Infra project Income from advisory services

17.1

14,779,698 3,841,313 17,072,028 35,693,039

Investment income Orascom Telecom Bond

17

38,445,112 17,014,573 8,816,531 64,276,216

Annual Report 2016

Notes

20

Rent, taxes, insurance and electricity Rent Insurance premium Electricity & Utilities Holding tax

21

368,000 368,000

34,108 891,212 925,320

6,590 1,268,193 1,274,783

2,922,208 9,340,888 1,233,269 13,496,365

1,755,091 7,213,359 699,270 9,667,720

6,380,829 2,625,895 1,393,974 638,083 11,038,781

4,131,418 4,415,516 674,475 1,413,137 10,634,546

998,881 154,332 1,153,213

1,070,000 160,500 1,230,500

Chief Executive’s salary and benefits Salary Allowances Bonus Company’s contribution to provident fund

25

3,508,043 3,508,043

Stationery, printing, advertisements, etc. Printing and stationeries Marketing, promotion & Business dev. Exp. Advertisement

24

3,307,691 768,095 920,358 254,914 5,251,058

Postage, stamp, telecommunication, etc. Postage and courier Telephone, Fax and E-mail

23

3,368,472 933,242 708,168 554,535 5,564,417

Legal expenses Professional and legal fees

22

Amount in Taka 31-Dec-16 31-Dec-15

Directors’ fees Honorarium for attending board meetings Incidental expenses for attending meeting

Directors’ remuneration for attending each board meeting during the year was Tk. 10,000 per Director.

26 27

Auditors’ fees

304,750

454,354

304,750

454,354

468,969 663,868 1,713,501 3,787,919 822,636 656,576 5,690,983 13,804,452

521,076 521,486 2,036,766 4,374,725 592,292 1,091,070 6,420,279 15,557,695

Depreciation and repair of Company’s assets Office space Furniture, fixture and decoration Interior decoration at UTC building Computer & computer equipment Other office equipment Software Vehicle

Annual Report 2016

153

Notes

28

28.1

Other operating expenses Repair and maintenance Maintenance and utility of UTC building Training and exposure visit Bank and other charge AGM and Other Meeting expenses Office supplies and maintenance Conveyance and travelling expense Seminar, workshop & roadshows Entertainment Books and periodicals Vehicle fuel & Maintenance expense Recruitment cost Operations and logistics Tuition fee reimbursement Credit rating expenses Loss on disposal of fixed assets Corporate advisory service expense Leave Fare Assistance Fees to regulatory authorities Stamps and duties IT & Automation expense Pmt to Intern & Adhoc Employees Receivables & Principle of loan written off Expense for annual review program Other office expenses Provision other than loans Amortization expense IDCOL contribution under renewable energy Programme

28.1

IDCOL contribution under renewable energy programme Salary and allowances Monitoring expenditure Insurance, fees & marketing expenses Postage, stamp & telecommunication Stationery, supplies & printing Other operating expenses

28.3.1 28.3.2 28.3.3 28.3.4 28.3.5 28.3.6

28.3.1 Salaries and allowances: Salaries and allowances Gratuity 28.3.2 Monitoring expenditure: Physical Verification Exp. (Technical)-REP Collection Efficiency Monitoring Exp-REP

154

Amount in Taka 31-Dec-16 31-Dec-15

Annual Report 2016

1,511,259 866,851 1,288,477 4,157,322 614,681 924,411 358,022 495,912 870,592 23,575 6,315,249 30,000 1,708,500 523,541 631,945 3,985,761 4,624,319 3,210 346,325 40,000 4,572,016 500,000 1,556,238 49,315,970 85,264,176

1,283,473 575,395 2,574,382 2,907,121 2,252,916 984,312 250,950 452,454 1,017,962 125,159 5,691,914 763,713 1,668,509 168,886 287,500 189,407 1,423,948 4,733,385 305,560 17,604 1,336,141 68,668 867,700 3,481,634 125,000 2,765,289 66,666 54,888,161 91,273,808

28,850,965 589,567 2,572,699 934,233 449,582 15,918,924 49,315,970

23,048,016 122,434 1,260,163 1,317,166 820,932 28,319,450 54,888,161

20,376,895 8,474,070 28,850,965

19,656,390 3,391,626 23,048,016

589,567 589,567

122,434 122,434

Notes 28.3.3 Insurance, fees & marketing expenses: Insurance Advertisement & promotion 28.3.4 Postage, stamp & telecommunication: Postage and courier Telephone, Fax and Internet 28.3.5 Stationery, supplies & printing: Stationeries & supplies Printing 28.3.6 Other operating expenses: Travelling & Conveyance Entertainment Meeting Expenses Repair & Maintenance Training, workshop & exposure visits Legal and professional fees Operations and logistics Other Expenses Recruitment Cost - REP Books, Periodicals & Newspaper - REP Exp for special events under REP Research & Development - REP SHS maintenance expenses -Disaster IT & automation Expense Leave Fair Assistance - REP

29

Charges on loan losses

30

Provision for loans and advances Balance as on 1 January Add: Recoveries of amount previously written off Provision required and made for the year Less. Written off/waived

30.1

31

Provision for loans and advances General provision Specific provision

Amount in Taka 31-Dec-16 31-Dec-15 1,811,460 761,239 2,572,699

1,104,963 155,200 1,260,163

37,964 896,269 934,233

212,480 1,104,686 1,317,166

425,722 23,860 449,582

658,156 162,776 820,932

356,942 458,735 170,507 84,265 1,393,263 5,196,016 86,800 1,418,326 340,586 12,480 3,398,948 1,847,080 120,750 1,034,226 15,918,924

726,459 607,275 3,898,415 148,377 346,235 8,857,581 101,450 147,462 192,875 12,504 3,677,473 1,013,757 7,040,840 51,750 1,496,997 28,319,450

-

-

981,109,929 1,221,486,568 2,202,596,497 111,510,935 2,091,085,562

747,404,960 233,704,969 981,109,929 981,109,929

432,673,592 1,658,411,970 2,091,085,562

387,253,301 593,856,628 981,109,929

2,855,543,832 1,146,204,992 4,001,748,824 2,286,811,497 1,714,937,327

1,725,875,193 1,146,741,591 2,872,616,784 17,072,953 2,855,543,832

Provision for income tax Balance at Jan 1 Add: Provision made during the year Less: Settlement of previous year’s tax liabilities

Annual Report 2016

155

Notes Deferred tax expense Current tax expense Prior year tax Tax expenses

32

(4,275,494) 1,097,042,816 49,162,176 1,141,929,498

3,743,041 1,146,741,591 1,150,484,632

397,871,235

1,366,139,606

Ordinary shares at 01 January Bonus shares issued Total number of shares at 31 December

38,500,000 11,500,000 50,000,000

26,000,000 12,500,000 38,500,000

Weighted average number of ordinary shares

50,000,000

50,000,000

7.96

27.32

6,210,400,000 3,715,076,936 5,230,801 259,879,471 10,190,587,208

6,210,400,000 3,715,076,936 5,230,801 259,879,471 10,190,587,208

2,902,369,144 1,178,943,726 1,075,300,229 193,538,048 256,712,856 334,997,762 392,175,142 1,597,995,429 9,229,200 209,296,764 382,416,445 76,097,101 460,110,439 9,069,182,285

2,507,122,861 1,178,943,726 1,075,300,229 154,049,690 256,712,856 247,792,668 84,803,371 1,216,673,629 833,450 182,997,905 375,298,411 13,224,970 358,762,875 7,652,516,641

4,426,086,099 3,370,486,334 6,553,371,626 1,308,686,863 15,658,630,921

4,121,440,917 3,094,834,619 6,335,638,274 1,283,567,200 14,835,481,010

38,968,893 34,957,369,307

28,585,039 32,707,169,898

Earnings Per Share (EPS) Profit attributable to ordinary shareholders Net profit for the year

Earnings per share

33

Consolidated movement of funds under projects Fund inflow Long term loans: Loan from IDA under PSIDP Loan from IDA under REREDP Loan from KfW under solar program Loan from KfW under NDBMP Grants received for project implementation: Grant from World Bank (GEF, IDA, GPOBA) under REREDP Grant from KfW under solar program Grant from GIZ under solar program Grant provided under JICA-REDP Grant provided under ADB-PPIDF Grant provided WB under USAID Grant provided WB under BCCRF Grant provided by DFID Grant provided by SREPGen Grant received under IDA 5158 (HE) Grant received under IDA 5158 (AE) Grant received under IDA 5514 (AE) Grant from KfW under NDBMP Principal repayment and interest received from projects: Principal repaid by the projects financed under PSIDP Principal repaid by the projects financed under REREDP Interest paid by the projects financed under PSIDP Interest paid by the projects financed under REREDP Interest from bank accounts

156

9.4

Amount in Taka 31-Dec-16 31-Dec-15

Annual Report 2016

Notes Fund outflow Loans and advances: Projects financed under PSIDP Loan to POs under REREDP Loan to POs under KfW funded solar program Loan to POs under KfW funded NDBMP Grants utilized for project implementation: World Bank (GEF, GPOBA & IDA) grants provided to POs under REREDP World Bank (GEF, GPOBA & IDA) grants used for project under REREDP KfW grants provided to POs under solar program KfW grants used for project under solar program GIZ grants provided to POs under solar program GIZ grants used for project under solar program ADB grants provided to POs under PPIDF ADB grants used for project under PPIDF JICA grants used for project under REDP USAID grants provided to POs under REREDP USAID grants used for project under REREDP BCCRF grants provided to sponsors under REREDP BCCRF grants used for project under REREDP DFID grants provided to POs under RE DFID grants used for project under RE Grants provided to POs under IDA 5158 (HE) Grants used for project under IDA 5158 (HE) Grants used for project under IDA 5158 (AE) Grants used for project under IDA 5514 (AE) Grants provided to POs under SREPGen Grants used for project under SREPGen KfW grants provided to POs under NDBMP KfW grants used for project under NDBMP On lending by IDCOL from reflows: Projects financed from reflows under PSIDP Projects financed from reflows under REREDP

Debt service of IDA loans Refund, tax and charges Balance at bank

33.1

Amount in Taka 31-Dec-16 31-Dec-15

6,210,400,000 3,715,065,945 5,230,801 227,578,344 10,158,275,090

6,210,400,000 3,715,065,945 5,230,801 227,578,344 10,158,275,090

2,217,019,702

2,207,619,999

541,434,573

388,188,826

954,587,290 210,758,222 898,001,844 147,676,979 201,917,025 54,845,950 192,417,052 283,774,520 1,963,290 299,914,151 47,106,928 1,406,020,882 80,378,774 347,451,517 82,420,758 382,416,445 76,097,101 1,389,432 330,698,800 130,659,025 8,888,950,260

954,587,290 210,758,222 898,001,844 147,676,979 201,917,025 54,845,950 154,049,689 202,137,844 413,341 59,990,868 6,160,225 1,095,887,687 48,948,931 98,551,905 58,574,206 375,298,411 13,224,970 573,300 279,905,800 119,984,900 7,577,298,212

6,780,796,118 2,111,132,700 8,891,928,818

6,280,520,208 1,837,158,378 8,117,678,585

2,796,571,174 52,173,843 4,169,470,120 34,957,369,307

2,560,170,971 32,781,003 4,260,966,037 32,707,169,898

IDCOL has drawn an amount of USD 80,000,000 as sub loan from the World Bank under IDA Credit No. 2995-BD for financing Meghnaghat 450MW power plant. The loan amount was disbursed to the project company (AES Meghnaghat Ltd.) directly from the World Bank (IDA).

Annual Report 2016

157

Notes

Amount in Taka 31-Dec-16 31-Dec-15

33.2

The World Bank (IDA) and KfW have provided the amount as loan under the project agreements signed among the GoB, donors and IDCOL. This loan is being used for providing refinance to Participating Organizations (POs) under IDCOL solar programme.

33.3

The donors provide two grants, for purchase of SHS: the buy-down grant to lower initial investment cost of SHS (Grant A), and the institutional development grant for institutional development of POs (Grant B). Both the components of grants decline as market expands and becomes commercially viable. In addition to grants for POs, donors also provides grants for project implementation cost which includes; monitoring, supervision, marketing, physical verification of SHS, technical audit, capacity building of POs, consultants’ fees, etc.

33.4

Disclosure for balance at bank accounts maintained under projects Bd. Bank Repayment account in USD under IDA Credit# 2995-BD Bd. Bank Repayment account in BDT under IDA Credit# 2995-BD Janata Bank CONTASA account # 36002116 under GPOBA grants Bd. Bank Repayment A/c in BDT under IDA Credit# 3679-BD Janata Bank EURO account # 208 under KfW fund for solar program City Bank BDT account # 31001069 under KfW fund for solar program City Bank BDT account # 31001038 under GIZ fund for solar program SREPGEN Janata Bank CONTASA account # 36002256 under IDA 5158 (HE) Janata Bank CONTASA account # 36002264 under ADB Grant (SF) Agrani Bank CONTASA account # 373 under JICA-REDP Ruplai Bank CONTASA account # 240000416 under USAID Agrani Bank CONTASA account # 3791 under DFID Agrani Bank CONTASA account # 0200002715167 under BCCRF City Bank BDT account # 3101001984003 under NDBMP Commercial Bank of Ceylon PLC, STD Account# 2809007305 Commercial Bank of Ceylon PLC, STD A/C no-2809005803 Trust Bank SND A/C # 0030-0320000426 Janata Bank Ltd.-STD A/C # 010236002347 Janata Bank Ltd.-STD A/C # 010236002355 Janata Bank CONTASA account # 36002272 under ADB Grant (EF)

2,054,776,113 20,523 1,782,996,159 -

2,210,609,544 20,523 50,964 1,857,601,300 9,399 1,097

1,001

259,226

13,858,303 1,414,584 49,586,921 117,343,177 45,425,826 29,504,719 7,905,940 3,465,547 32,612,574 17,083,342 13,475,392 4,169,470,120

26,298,859 30,660 45,554,136 73,821,214 20,672,584 (8,954,440) 3,390,438 31,600,533 4,260,966,037

33.5

In consolidated movement of funds, amounts are cumulative and foreign currencies (USD and EURO) are converted into equivalent Bangladesh Taka applying exchange rates of BDT 78.70/USD and BDT 82.7373/ EURO prevailing at December 31, 2016 and BDT 78.50/USD and BDT 85.2535/EURO prevailing at December 31, 2015.

33.6

General a) Figures in these notes and the accompanying financial statements have been rounded off to the nearest Taka. b) Previous year’s figures have been rearranged, where necessary, to conform to current year’s presentation. c) Cash flow statement rearranged, due to reclassification of loans and advances to operating activities from investing activities. For Infrastructure Development Company Limited

Chairman

158

Director

Annual Report 2016

Director

Executive Director & CEO

Company Secretary

Annexure-A

Infrastructure Development Company Limited Schedule of Loan disbursement from reflows under PSIDP and REREDP project Funded by IDA for the year ended December 31, 2016 Loan extended from reflows under PSIDP (IDA- Credit No. 2995-BD) Name of Sponsor/POs

Project

Samuda Power Ltd.

Power Plant

Doreen Hotels and Resorts Ltd.

Hotels and Resorts

Sub Total (a)

Amount in Taka 2016 2015 35,831,724

-

462,560,000

-

498,391,724

-

Loan extended from reflows under REREDP (IDA- Credit No. 3679-BD) Name of Sponsor/POs

Project

Amount in Taka 2016 2015

Baridhara Corporation Ltd.

Auto Bricks

-

30,000,000

NDBMP Refinancing

IDCOL Biogas Program

-

207,200,000

Pretty Autobricks Ltd.

Auto Bricks

83,974,322

-

Electro Group

Battery, Solar & Led & Lights

150,000,000

-

40,000,000

-

Sub Total (b)

273,974,322

237,200,000

Grand Total (a +b)

772,366,046

237,200,000

Makhrail Auto Green Bricks Ltd. Auto Bricks

Annual Report 2016

159

Annexure-B

Infrastructure Development Company Limited Schedule of Loan disbursement from REREDP- II project Funded by IDA (Credit # 5158) for the year ended December 31, 2016 (A) Loan under SHS Program (Cat-1) Amount in Taka SL#

Name of Participating Organizations

1

Association for Development Activity of Manifold Social Work Al-Falah Aam Unnayan Sangstha Atmabiswas Souro Shakti Ltd AVA Development Society Bright Green Energy Foundation Bengal Renewable Energy Limited Bangladesh Rural Integrated Development for Grub-Street Economy Clean Energy Foundation Centre For Mass Education in Science DESHA Friends in Village Development Green Housing & Energy Limited Grameen Shakti Hamko Corporation Limited Hilful Fuzul Samaj Kalyan Sangstha Integrated Development Foundation Ingen Technology Ltd. Jagorani Chakra Foundation MAKS Renewable energy NUSRA Padakhep Manbik Unnayan Kendra PAGE Development Center Patakuri Society Pally Bikash Kendra Palli Daridra Bimochan Foundation Polli Shakti Foundation Limited Panna Rural Development Foundation Resource Development Foundation Rural Development Sangstha Rural Energy and Development Initiative Rimso Foundation RISDA Bangladesh Rural Services Foundation SAIF Powertec Limited Sancred Welfare Foundation Samaj Unnayon Palli Sangstha Shakti Foundation for Disadvantaged Women Shubashati

2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38

160

Annual Report 2016

2016 SHS(Units) -

2015

Amount -

HS(Units) -

Amount

-

-

832

9,309,447

-

-

98

1,324,868

-

Amount in Taka SL#

Name of Participating Organizations

39 40 41 42 43 44

SolarEn Foundation SRIZONY Bangladesh Sun Home Energy Limited SunRim Energy Limited Thengamara Mahila Shabuj Shangha United Development Initiatives for Programmed Actions Upakulio Biddutayan O Mohila Unnayan Samity Sub Total (A)

45

2016 SHS(Units) -

2015

Amount

-

-

HS(Units) -

-

930

Amount 10,634,315

(B) Loan to other RE Projects (Cat-1) SL #

Name of sponsors

1 2 2 3 4 5 6 7 8 9 10 11

AID Ali Nur AVA Solar Minigrid BGEF Irrigation GHEL Minigrid GHEL-Irrigation Global Resource Augmentation and Management GRAM Er Alo Hydron Bangladesh Pvt. Ltd. Kazi & Kazi Tea Estate Ltd. Mazand Consortium Ltd. Rahimafrooz Renewable Energy Ltd. (RREL)

Plants 13 1 4

Taka 4,425,217 21,466,741 1,540,166 2,336,232 3,799,453 3,378,520 4,088,454

Plants 4 1 1 3 15 18 1 1 5 5

5,494,402 1,145,304 15,448,813 4,695,143 13,199,502.00 1,346,115.00 6,353,249 14,995,314 10,906,370.00 10,004,660.00 5,847,384

Taka

12 13 14 15 16 17 18 19 20 21

RDF solar irrigation RHECO Samaj Unnayon Palli Sangstha Survivor’s Sancred Solar System Ltd Solar Electro Bangladesh Ltd. (SEBL) Solargao Ltd. Souro Bangla Ltd. United Integrated Agro Ltd (UIAL) UKAL Zubaida Poultry Ltd Sub Total (B) Grand Total (A+B)

39 4 14 1 1 77

74,237,767 6,186,698 6,499,137 1,806,238 15,125,449 2,521,704 745,602 148,157,378 148,157,378

15 3 1 14 1 88

21,597,262 2,661,330.00 20,518,510 6,558,199 4,142,045.00 2,365,794.00 147,279,396 157,913,711

Refinancing to Participating Organizations (POs) IDCOL has extended refinancing facility to the POs to the extent of 70%-80% of outstanding loans provided by the PO to the customers/households against installation of SHS. These POs, selected by IDCOL in due process, were found eligible during the audit to receive the refinancing facility as per the project agreements. Loan to other renewable projects This represents the amount extended under for financing of Solar PV based small scaled power plants and irrigation pumps under Remote Area Power Supply System. During the period, IDCOL has partially financed some existing solar photovoltaic (PV) based mini grid projects; 2 new bioelectricity plant of UIAL and UKAL along with 2 existing bioelectricity plants and 75 solar PV based irrigation pumps of Bright Green Energy Foundation, Global Resource Augmentation and Management, Solargao Ltd, RHECO, Resource Development Foundation and Rahimafrooz Renewable Energy Ltd. (RREL).

Annual Report 2016

161

Annexure-C

Infrastructure Development Company Limited Schedule of Loan disbursement from Additional REREDP- II project Funded by IDA (Credit # 5514) for the year ended December 31, 2016 (A) Loan under SHS Program (Cat-1) Amount in Taka SL#

Name of Participating Organizations

2016 SHS(Units)

2015

Amount

SHS(Units)

Amount

1

Association for Development Activity of Manifold Social Work

-

-

-

-

2

Al-Falah Aam Unnayan Sangstha

-

-

294

4,832,416

3

Atmabiswas Souro Shakti Ltd

374

3,823,216

708

8,595,173

4

AVA Development Society

9,247

79,333,402

11,822

121,541,803

5

Bright Green Energy Foundation

5,049

47,101,856

11,468

112,465,431

6

Bangladesh Rural Integrated Development for Grub-Street Economy

-

-

3,231

38,665,418

7

Bengal Renewable Energy Limited

1,153

9,413,694

2,283

20,405,912

8

Clean Energy Foundation

1,006

9,791,731

1,218

12,368,293

9

Center for Development Innovation and Practices

1,067

11,040,160

-

-

10

Centre For Mass Education in Science

417

5,213,708

979

15,101,811

11

DESHA

1,384

12,792,760

3,884

45,061,449

12

ECO-Social Development Organisation

442

5,713,803

-

-

13

Friends in Village Development

913

9,022,834

649

6,959,870

14

Green Housing & Energy Limited

555

5,746,186

1,906

21,869,384

15

Grameen Shakti

65,381

663,684,790

78,269

914,767,200

16

Hamko Corporation Limited

1,609

16,579,299

3,244

33,959,320

17

Hilful Fuzul Samaj Kalyan Sangstha

-

-

-

-

18

Integrated Development Foundation

8,068

70,058,269

11,619

119,025,306

19

Ingen Technology Ltd.

1,233

14,648,984

6,516

76,557,984

20

Jagorani Chakra Foundation

753

7,769,564

1,809

19,265,983

21

MAKS Renewable energy

-

-

309

3,806,034

22

NUSRA

-

-

1,008

11,244,408

23

Padakhep Manbik Unnayan Kendra

476

5,871,021

2,816

38,685,676

24

PAGE Development Center

624

6,911,126

546

6,279,880

25

Patakuri Society

1,005

8,421,249

12,334

120,034,836

162

Annual Report 2016

Amount in Taka SL#

Name of Participating Organizations

2016 SHS(Units)

26

Pally Bikash Kendra

27

Palli Daridra Bimochan Foundation

28

Polli Shakti Foundation Limited

29

2015

Amount

SHS(Units)

Amount

908

9,540,869

2,591

28,794,294

1,186

13,514,573

4,780

63,851,213

785

7,310,752

916

10,469,327

Panna Rural Development Foundation

7,823

68,172,426

11,896

109,207,087

30

Resource Development Foundation

5,605

45,791,899

11,269

105,205,665

31

Rural Development Sangstha

823

6,679,715

1,140

14,505,356

32

Rural Energy and Development Initiative

1,713

16,155,713

4,424

43,209,675

33

Rimso Foundation

5,929

57,213,341

6,277

68,412,702

34

RISDA Bangladesh

3,029

25,872,283

5,836

51,360,967

35

Rural Services Foundation

23,676

209,298,025

27,785

250,865,604

36

SAIF Powertec Limited

9,684

80,984,508

11,387

114,266,055

37

Sancred Welfare Foundation

2,000

24,322,897

2,073

27,290,555

38

Samaj Unnayon Palli Sangstha

2,291

26,033,512

5,063

64,959,844

39

Shakti Foundation for Disadvantaged Women

-

-

312

3,530,327

40

Shubashati

-

-

371

5,081,652

41

SKS Foundation

1,701

18,196,812

-

-

42

SolarEn Foundation

-

-

10,559

116,074,655

43

SRIZONY Bangladesh

-

-

-

-

44

Sun Home Energy Limited

1,929

18,406,144

4,197

43,204,427

45

SunRim Energy Limited

1,095

10,080,892

2,480

25,437,626

46

Thengamara Mahila Shabuj Shangha

503

4,350,700

3,840

35,567,696

47

United Development Initiatives for Programmed Actions

861

37,016,389

1,286

15,305,066

48

Upakulio Biddutayan O Mohila Unnayan Samity

3,466

10,175,984

13,718

152,489,631

49

WAVE Foundation

464

6,942,742

67

814,075

176,227

1,688,997,828

289,179

3,101,397,086

Sub Total (A) Refinancing to Participating Organizations (POs)

IDCOL has extended refinancing facility to the POs to the extent of 70%-80% of outstanding loans provided by the PO to the customers/households against installation of SHS. These POs, selected by IDCOL in due process, were found eligible during the audit to receive the refinancing facility as per the project agreements.

Annual Report 2016

163

Annexure-D

Infrastructure Development Company Limited Schedule of Loan disbursement from PPIDF project Funded by ADB (Loan # 2453 & 2454) for the year ended December 31, 2016 Refinancing to POs under Renewable Energy Project (Loan # 2453 -REP) Amount in Taka SL#

Name of Participating Organizations

2016 SHS(Units)

Sub Total (a)

2015 Amount

SHS(Units)

Amount

-

-

-

-

-

-

-

-

Loan to Large infrastructure projects (Loan # 2454 -LIP) SL# 1

Name of Sponsor

Amount

Amount

Regent Energy and Power Ltd.

-

-

-

2,334,000,000

Sub Total (b)

-

-

-

2,334,000,000

Annexure-E

Infrastructure Development Company Limited Schedule of Loan disbursement from PPIDF project Funded by ADB (Loan # 3045 & 3046) for the year ended December 31, 2016 Refinancing to POs under Renewable Energy Project (Loan # 3046 -Special Operation) Amount in Taka SL#

Name of Participating Organizations

2016 SHS(Units)

1

RISDA Bangladesh

2

Padakhep Manbik Unnayan Kendra

3

Jagorani Chakra Foundation

4

Bengal Renewable Energy Limited (Xenegeia)

5

Thengamara Mahila Shabuj Shangha

6

2015 Amount

SHS(Units)

Amount

2,130

17,888,423.00

1,121

10,003,410

36

591,192.00

239

3,032,077

-

-

380

4,134,999

43

295,547.00

2,289

21,215,851

-

-

1,118

10,318,187

Panna Rural Development Foundation

397

3,337,594.00

2,203

19,350,910

7

Bright Green Energy Foundation

498

4,587,929.00

2,104

21,009,433

8

AVA Development Society

93

651,032.00

1,988

18,472,138

164

Annual Report 2016

Amount in Taka SL#

Name of Participating Organizations

2016 SHS(Units)

9

Patakuri Society

10

Rural Services Foundation

11

2015 Amount

SHS(Units)

Amount

-

-

3,620

34,101,883

1,159

8,775,650.00

23,719

275,675,806

AVA Development Society

-

-

1,248

10,831,722

12

Rural Services Foundation

-

-

2,973

22,932,645

13

Grameen Shakti

1,806

16,480,904.00

3,743

28,276,111

14

Center for Development Innovation and Practices

100

1,052,000.00

-

-

15

Centre For Mass Education in Science

18

211,920.00

-

-

16

DESHA

105

874,241.00

-

-

17

ECO-Social Development Organisation

30

426,104.00

-

-

18

Friends in Village Development

61

558,960.00

-

-

19

Integrated Development Foundation

710

6,267,851.00

-

-

20

Rural Development Sangstha

29

149,200.00

-

-

21

Rural Energy and Development Initiative

131

1,113,877.00

-

-

22

Rimso Foundation

450

3,965,226.00

-

-

23

SAIF Powertec Limited

362

3,043,832.00

-

-

24

Samaj Unnayon Palli Sangstha

95

964,245.00

-

-

25

SKS Foundation

78

835,844.00

-

-

26

Sun Home Energy Limited

48

427,682.00

-

-

27

SunRim Energy Limited

42

372,072.00

-

-

28

WAVE Foundation

60

835,966.00

-

-

8,481

73,707,291

46,745

479,355,172

Sub Total (a)

Loan to Large infrastructure projects (Loan # 3045 -Ordinary Operation) Name of Sponsor

Amount

Amount

1

Lakdhanavi Bangla Power Limited

-

-

-

1,158,750,000

2

Summit Alliance Port Limited (SAPL)

-

-

-

786,000,000

3

Summit Barisal Power Limited

-

2,364,000,000

-

-

4

Summit Narayanganj Power Unit II Limited

-

1,182,000,000

-

-

Sub Total (b)

-

3,546,000,000

-

1,944,750,000

Refinancing to POs under ADB Loan # 3045 - Ordinary Operation During the year, a loan of USD 30 million was made through direct payment to Summit Barisal Power Limited against WA-LI 003 for a 110 MW Heavy Furnace Oil (HFO) based power plant at Ruptali, Barisal and a loan of USD 15 million was made through direct payment to Summit Narayanganj Power Unit II Limited against WA-LI 004 for a 55MW Heavy Furnace Oil (HFO) based power plant at Rupgaonj, Narayangonj. A total of Tk. 7.37 crore was refinanced to 23 POs mentioned above for installation of 8,481 no. of SHS.

Annual Report 2016

165

Annexure-F

Infrastructure Development Company Limited Schedule of Loan disbursement from RED project Funded by JICA (Loan # BD-P 75) for the year ended 31 December 2016 Refinancing to Participating Organizations (POs) Amount in Taka SL# 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35

166

Name of Participating Organizations Association For Development Activity of Manifold Social Work Al-Falah Aam Unnayan Sangstha Atmabiswas Souro Shakti Limited AVA Development Society Bright Green Energy Foundation Bengal Renewable Energy Limited Clean Energy Foundation Center for Mass Education in Science DESHA Shechsashebi Artho-Samajik Unnayan O Manobik kallyan Sangstha Friends in Village Development Bangladesh (FIVDB) Green Housing & Energy limited Grameen Shakti Hamko Corporation Limited Hilful Fuzul Samaj Kallyan Sangstha Integrated Development Foundation Ingen Technology Ltd Jagaroni Chakra foundation MAKS Renewable Energy Company Limited Network for Universal Services and Rural Advancement Page Development Center Padakhep Manabik Unnayan Kendra Patakuri Society Palli Bikash Kendra Palli Daridro Bimochon Foundation Padakhep Manabik Unnayan Kendra Panna Rural Development Foundation Palli Shakti Foundation Limited Resource Development Foundation Rural Development Sangstha Rural Energy and Development Initiative RIMSO Foundation RISDA Bangladesh Rural Services Foundation SAIF Powertech Sancred Welfare Foundation

Annual Report 2016

2016 SHS(Units) -

2015 Amount -

-

-

-

SHS(Units) -

Amount -

-

181 623 6,844 14,465 3,184 377 192 1,609

3,045,944 8,488,856 64,455,026 149,691,067 33,412,500 3,896,609 2,869,284 17,491,474

-

-

349

3,802,331

401 1,605

4,265,901 16,467,417

74,745 3,874 1,790 2,111 396 1,570

857,121,682 34,065,442 21,229,452 23,161,483 4,749,252 17,377,188

567 -

7,763,520 -

464 5,314 1,322 2,153 577 6,659 687 9,591 590 3,098 4,628 3,747 30,152 3,823 924

5,546,000 48,757,318 14,765,505 26,784,889 8,051,746 65,813,923 7,219,058 95,415,999 8,277,757 33,325,879 52,596,846 36,017,290 314,758,776 39,164,049 11,635,568

Amount in Taka SL#

Name of Participating Organizations

36 37 38 39 40 41 42 43 44

Samaj Unnayan Palli Sangstha Shakti Foundation For Disadvantages Women Shubashati SolarEn foundation SRIZONY Bangladesh Sun Home Energy Limited Sun Rim Energy Limited Thengamara Mohila Sabuj Sangstha Upakulio Biddutayan O Mohila Unnayan Samity 45 United Development Initiatives for Program Actions Sub Total (A)

2016 SHS(Units) -

2015 Amount -

SHS(Units) 2,484 2,955 9,107 608 1,200 4,829 1,928

Amount 32,764,119 32,249,785 98,800,396 6,204,750 11,735,535 49,808,581 20,655,298

-

-

1,129

14,113,486

2,573

28,496,838

210,279

2,279,320,143

Refinancing to Participating Organizations (POs) IDCOL has extended refinancing facility to the POs to the extent of 70%-80% of outstanding loans provided by the PO to the customers/households against installation of SHS. These POs, selected by IDCOL in due process, were found eligible during the audit to receive the refinancing facility as per the project agreements, during the audit. (B) Disbursement detail under Solar Irrigation program Amount in Taka Sl

Name of PO

1 AVA 2 Solargao Limited 3 RDF-2 4 GREL 5 AID-3 Sub-total (B)

2016 Pumps (Units)

2015 Amount (Taka)

8 2 28 7 45

Pumps (Units)

7,621,772 3,538,887 13,291,442 12,277,097 36,729,198

Amount (Taka) 5,361,003 33,413,960 38,774,963

6 20 26

This represents the amount extended under for financing of solar irrigation pumps under Remote Area Power Supply System. IDCOL has extended refinancing facility to the POs to the extent of 30% of outstanding loans provided by the PO to the customers against installation of Irrigation Plant. These POs, selected by IDCOL in due process, were found eligible during the audit to receive the refinancing facility as per the project agreements. (C) Disbursement detail under Solar Minigrid program Amount in Taka Sl

Name of PO

1 Solargao Limited 2 GHEL 3 Parasol 4 Baraka 5 SSREL Sub-total (C) Total under Other Renewable Energy program (B+C) Grand Total (A+B+C)

2016 Pumps (Units) 1 1 1 1 1 5

Amount (Taka) 7,874,299 22,452,593 21,457,980 9,366,366 19,386,805 80,538,043 117,267,241 145,764,079

2015 Pumps (Units)

Amount (Taka) -

38,774,963 2,318,095,106

Annual Report 2016

167

Annexure-G

Infrastructure Development Company Limited Deferred tax assets Particulars

Carrying amount on balance sheet date

Tax base

Taxable/ (deductible) temporary difference

Taka

Taka

Taka

Year: 2016 Fixed assets including land, building, furniture and fixtures

70,565,667

70,565,667

-

Gratuity provision

14,850,839

-

(14,850,839)

685,365

-

(685,365)

86,101,871

70,565,667

(15,536,204)

General provision other than loans Total temporary difference Applicable tax rate

42.5%

Deferred Tax Asset (see note: 9.4)

(6,602,887)

Year: 2015 Fixed assets including land, building, furniture and fixtures

70,565,668

70,565,668

-

Gratuity provision

2,710,930

-

(2,710,930)

General provision other than loans

2,765,289

-

(2,765,289)

76,041,887

70,565,668

(5,476,219)

Total temporary difference Applicable tax rate Deferred Tax Asset (see note: 9.4)

168

Annual Report 2016

42.5% (2,327,393)

Annual Report 2016

169

127,199,560

Balance as at December 31, 2015

38,529,335

Vehicle

132,186,693

6,191,420

Software

Balance as at December 31, 2016

9,652,719

26,123,887

Computer & computer equipment*

Other office equipment

23,977,634

8,299,388

19,412,311

Balance as on 1 Jan 2016

Interior decoration

Furniture, fixture and decoration

Office space

Name of assets

-

5,216,359

18,650,613

7,995,000

-

7,871,746

2,106,150

-

677,717

Addition during the year

Cost

-

-

-

-

-

-

-

-

229,225

Disposal during the year

132,186,693

150,837,306

46,524,335

6,191,420

17,524,465

28,230,037

23,977,634

8,977,105

19,412,311

Balance as on 31 December 2016

20%

30%

10%

30%

10%

10%

10%

Rate

60,300,049

66,467,186

18,069,418

4,002,833

4,887,626

15,603,642

6,842,622

2,338,421

14,722,624

Balance as on 1 Jan 2016

as at December 31, 2016

Schedule of Fixed Assets

6,229,257

13,804,452

5,690,983

656,576

822,636

3,787,919

1,713,501

663,868

468,969

Charged during the year

62,120

-

-

-

-

-

-

-

-

66,467,186

80,271,638

23,760,401

4,659,409

5,710,262

19,391,561

8,556,123

3,002,289

15,191,592

Adjustments Balance as on during the 31 December year 2016

Depreciation

Infrastructure Development Company Limited

Adjustment for Asset Written off

-

-

-

-

-

-

-

-

-

58,737,980

70,565,668

22,763,934

1,532,010

11,814,202

8,838,477

15,421,511

5,974,816

4,220,719

Written down value as on 31 December 2016

Amount in Taka

Annexure-G

170

Annual Report 2016 14,208,736 58,011,853 34,916,795

Vehicle

Balance as at December 31, 2016

Balance as at December 31, 2015

4,148,753

Balance as at December 31, 2015

398,778

Software 4,125,239

688,567

Other office equipment

Balance as at December 31, 2016

851,224

Computer & computer equipment

2,186,670

3,674,893

Software

Furniture, fixture & decoration

4,863,163

19,517,804

Computer & computer equipment

Other office equipment

12,175,237

3,572,020

Balance as on 1 Jan 2016

Interior decoration

Furniture, fixture & decoration

Name of assets

-

-

-

-

-

-

24,112,698

17,291,272

7,995,000

-

6,990,731

2,040,660

-

264,881

Addition during the period

Cost

-

-

-

-

-

-

-

23,514

-

-

-

-

-

1,017,640

Disposal during the period

20%

30%

10%

30%

10%

10%

4,125,239

4,125,239

398,778

688,567

851,224

2,186,670

30%

10%

30%

10%

SNV

58,011,853

75,303,125

22,203,736

3,674,893

11,853,894

21,558,464

12,175,237

3,836,901

2,672,365

2,851,322

341,808

566,779

741,667

1,201,068

14,653,941

23,393,264

4,379,088

1,845,815

1,377,362

11,859,474

3,209,157

722,366

Balance as on 1 Jan 2016

The World Bank

Balance as on 31 December 2016

Rate

* Donor funded Grant assets disclosure

202,473

160,697

17,091

12,179

32,867

98,560

9,779,885

8,838,016

3,564,930

548,723

606,605

2,909,697

896,608

311,453

Charged during the year

14,358

-

-

-

-

-

820,913

-

-

-

-

-

-

-

2,851,323

3,012,019

358,899

578,958

774,534

1,299,628

23,393,264

32,231,280

7,944,018

2,394,539

1,983,967

14,769,171

4,105,765

1,033,820

Adjustments Balance as on during the 31 December year 2016

Depreciation

Adjustment for Asset Written off

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,113,220

39,879

109,609

76,690

887,042

-

43,071,845

14,259,718

1,280,354

9,869,927

6,789,293

8,069,472

2,803,081

Written down value as on 31 December 2016

Annual Report 2016

171

1,221,623 1,074,623

63,358,715 40,140,171

Balance as at December 31, 2015

Balance as at December 31, 2016

Balance as at December 31, 2015

189,407

1,032,216

Balance as on 1 Jan 2016

Balance as at December 31, 2016

Other office equipment

Computer & computer equipment

Name of assets

-

-

-

24,259,698

17,291,272

147,000

Addition during the period

Cost

-

-

-

-

-

1,041,154

Disposal during the period

63,358,715

80,649,987

1,221,623

1,221,623

189,407

1,032,216 10%

30%

kfw

Balance as on 31 December 2016

Rate

17,707,685

26,858,944

381,378

614,359

34,031

580,328

Balance as on 1 Jan 2016

10,215,338

9,149,817

232,980

151,104

15,538

135,567

Charged during the year

835,271

-

-

-

-

-

26,858,946

36,008,762

614,359

765,463

49,569

715,894

Adjustments Balance as on during the 31 December year 2016

Depreciation

Adjustment for Asset Written off

-

-

-

-

-

-

-

44,641,225

-

456,160

139,838

316,322

Written down value as on 31 December 2016

Events & Achievements

172

Annual Report 2016

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Events and Achievements Experience Sharing Program for the Trainees of Climate Finance Course (2 February 2016) IDCOL arranged an experience sharing session on renewable energy activities of IDCOL for the trainees of Climate Finance Course, coordinated and delivered by International Institute for Environment and Development (IIED) in collaboration with the International Center for Climate Change and Development (ICCCAD) and the United Nations Development Programme (UNDP) on 2 February 2016. Forty trainees from Afganistan, Pakistan, Combodia, Thailand, Nepal, UK, and Switzerland participated in the program. __________________________________________________________________________________________

MoU Signing between IDCOL and Bureau Veritas (Bangladesh) Pvt. Limited (10 May 2016) Infrastructure Development Company Limited (IDCOL) and Bureau Veritas (Bangladesh) Pvt. Limited recently signed a MoU to provide Advisory Services for clients & development partners where Mr. Mahmood Malik, Executive Director & CEO of IDCOL; Mr. Nazmul Haque, Director (Investment) and Head of Advisory of IDCOL and Mr. Md. Golam Kibria, Country Chief Executive of Bureau Veritas along with other officials were present. __________________________________________________________________________________________

MoU Signing between IDCOL and Embtronics Limited (Partner-Delta Controls) (27 May 2016) Infrastructure Development Company Limited (IDCOL) and Embtronics Limited(Partner-Delta Controls) recently signed a MoU to provide Advisory Services on Energy Management & Energy Efficiency for clients & development partners where Mr. Nazmul Haque, Director (Investment) and Head of Advisory of IDCOL and Mr. Samdad Tanveer, CEO of Embtronics Ltd. along with other officials were present. __________________________________________________________________________________________

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IDCOL-CCEB Joint Workshop on- Industrial Energy Efficiency (IEE): Prospects and Incentives (25 May 2016) Infrastructure Development Company Limited (IDCOL) and Catalyzing Clean Energy in Bangladesh (CCEB) of USAID jointly organized a day long workshop on “Industrial Energy Efficiency (IEE): Prospects and Incentives” on 25 May 2016 at IDCOL Head Office. The program is intended to promote industrial energy

efficiency measures in Bangladesh and build capacity of its potential stakeholders.29 professionals from various banks, financial institutions and corporate organizations participated in the workshop. __________________________________________________________________________________________

19th Annual General Meeting (AGM)

19th Annual General meeting held in IDCOL Head Office on 1st June 2016.

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Day long workshop on - Financing Utility Scale Solar Project Infrastructure Development Company Limited (IDCOL) organized a day long workshop on “Financing Utility Scale Solar Project” on 21 July 2016 at IDCOL Head Office.

The program is intended to build project development capacity of its potential stakeholders.28 professionals from various banks, financial institutions and corporate organizations participated in the workshop.

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World Bank President Visit (October) The World Bank Group President Jim Yong Kim visited Infrastructure Development Company Limited (IDCOL) Solar Home System (SHS) beneficiarys’ home in Ujirpur, Barisal District. The purpose of Mr. Kim visit was to learn how solar power units and inexpensive “minigrids” are changing the lives in Bangladesh. More than 4 million (financial assistance for 750,000 SHSs provided by World Bank) families in rural Bangladesh rely on solar home system to generate electricity for their homes. Mr. Mahmood Malik, ED & CEO of IDCOL and Mr. S.M Monirul Islam Lipon, Deputy CEO of IDCOL accompanied the president at the visit. __________________________________________________________________________________________

23rd Project Finance Training Program of IDCOL

Infrastructure Development Company Limited (IDCOL) organized its “23rd Project Finance Training Program” during 04-06 October 2016 at IDCOL Head Office. 24 professionals from various banks, financial institutions and corporate houses attended the training program. Executive Director & CEO of IDCOL, Mr. Mahmood Malik was present as chief guest in the certificate giving ceremony. __________________________________________________________________________________________

ICMAB Best Corporate Award 2015 IDCOL secured the First Position of ICMAB Best Corporate Award 2015 in the category of ‘Non-Bank Financial institutions’. Mr. Abul Maal Abdul Muhit, MP, Hon’ble Minister, Ministry of Finance, Government of the People’s Republic of Bangladesh handed over the award to Mr. Mahmood Malik, Executive Director & CEO, IDCOL in an award giving ceremony held at capital’s Pan Pacific Sonargaon Hotel on 26 October 2016.

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UN Momentum for Change Award-2016 Infrastructure Development Company Ltd (IDCOL) along with ME SOLshare Ltd, Upokulio Biddutayan O Mohila Unnayan Samity (UBOMUS) and Centre for Energy Research at United International University and MicroEnergy International, was honoured with the Momentum for Change Award on 16th November 2016 in Marrakech, Morocco.

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IDCOL Awarded by National Board of Revenue (NBR) as Country’s Top Tax Payer IDCOL has been awarded as the country’s ‘Top Taxpayer’ for the assessment year 2015-16 (fiscal year 2014-2015) in the category of “NonBank Financial Institutions” on 24 November 2016 at the award giving ceremony organized by the National Board of Revenue (NBR) in its new Headquarter at Agargaon in Dhaka. On behalf of IDCOL, Mr. S. M. Monirul Islam, CFO & Deputy CEO (Current Charge), received the prestigious tax card award at the award ceremony where Mr. Abul Maal Abdul Muhit, Hon’ble Minister, Ministry of Finance, Government of the Peoples Republic of Bangladesh was present as the Chief Guest. __________________________________________________________________________________________

IDCOL Awarded for Best Presented Annual Reports 2015

IDCOL has been awarded the 1st Prize of the ‘ICAB National Award for Best Presented Annual Reports 2015’ in the category of “Public Sector Entities”. The Trophy was handed over to Mr. Mahmood Malik, Executive Director & CEO, IDCOL at a ceremony organized at Pan Pacific Sonargaon Hotel, Dhaka on 29th November, 2016. Mr. Tofail Ahmed, MP, Hon’ble Minister, Ministry of Commerce, Government of the People’s Republic of Bangladesh graced the occasion as the Chief Guest.

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First PPP Project in health care sector in Bangladesh

The dialysis center of Sandor Dialysis Services Bangladesh Private Limited at the National Institute of Kidney Disease and Urology (NIKDU) – IDCOL financed first PPP project in healthcare sector of Bangladesh was inaugurated on 30 November 2016. The project will provide low cost dialysis services to un-affording patients and affordable dialysis to affluent patients while ensuring the same service quality. Real time software will help doctors monitor patients from any corner of the world. The inauguration ceremony was graced by Mr. Mohammed Nasim MP, Minister of Health and Family Welfare as Chief Guest, Mr. Rajeev Sindhi, Managing Director of Sandor, Mr. Jishnu Prasanna Mukherjee, First Secretary (Education) of the Indian High Commission, Dr. Abul Kalam Azad, Director General of DGHS, Dr. Mohammad Nurul Huda Lelin, Director of NIKDU and Mr. Mahmood Malik, CEO of IDCOL among others. __________________________________________________________________________________________

17th Financial Modeling Training Program of IDCOL

Infrastructure Development Company Limited (IDCOL) organized its “17th Financial Modeling Training Program” during 29 November-1 December at IDCOL Head Office. 24 professionals from various banks, financial Institutions and corporate houses attended the training program. The Executive Director & CEO of IDCOL, Mr. Mahmood Malik was present as chief guest in the certificate giving ceremony.

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Signing ceremony with GREL

Infrastructure Development Company Limited (IDCOL) signed Financing Agreement with Gazi Renewable Energy Company Limited (GREL) on 8 December 2016 for setting up one hundred and eighty six (186) solar irrigation pumps at different districts of the country. Under the Project, GREL will install one hundred & thirty four pumps in Birganj upazila, six pumps in Kaharole upazila, four pumps in Khanshama upazila of Dinajpur district, forty two pumps in Badarganj upazilla of Rangpur district and will procure and operate nine (9) tractors and nine (9) trailers for providing tillage and carrying services in the project sites. Total cost of the project is BDT 49.25 crore. IDCOL has a target of financing 1,500 solar irrigation pumps by 2018 and 50,000 by 2025 to replace diesel operated pumps in rural Bangladesh. __________________________________________________________________________________________

Annual Conference and Retreat 2016

Annual Conference and Retreat was held in The Royal Tulip Resort and Spa, Cox’s Bazar, Bangladesh from 22 to 25th December 2016. The aim of it was to have an open discussion between the employees and IDCOL management where the management ask about the problems faced by the employees, provide solutions and also hunt ideas for further improvement of work operations.

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IDCOL announced as Joint Winner for Best Presented Annual Reports 2015 in the category of Public Sector Entities by the South Asian Federation of Accountants

IDCOL has been announced as Joint Winner for Best Presented Annual Reports 2015’ in the category of “Public Sector Entities” by the South Asian Federation of Accountants. The Trophy was handed over to Mr. S M Monirul Islam, Deputy CEO, IDCOL at a ceremony organized at Pan Pacific Sonargaon Hotel, Dhaka on 27th January 2017. Honorable Finance Minister Mr. Abul Maal Abdul Muhith MP was present in the occasion as Chief Guest and Mr. Fazle Kabir, Governor Bangladesh Bank was present in the occasion as Special Guest.

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Recognition and Awards

SAFA Best Presented Annual Report Award 2015

ICAB National Award for Best Presented Annual Report 2015

ICMAB Best Corporate Award 2015

Top Taxpayer Award for FY 2014-15

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